Three international development banks have teamed up with the European Union (EU) to promote green investments in Egypt, supporting projects to boost energy efficiency and the development of renewable energy sources in the country at a time of rising energy prices.
The European Bank for Reconstruction and Development (EBRD), the Agence Française de Développement (AFD), the European Investment Bank (EIB) and the EU launched their new Green Economy Financing Facility (GEFF) for Egypt during an event in Cairo attended by more than 250 participants, including government officials and representatives from the banking sector, business community, international institutions and civil society.
The GEFF is the latest in a series of similar programmes led by the EBRD. They have been rolled out so far in 24 countries in cooperation with 120 local financial partners, providing over €4 billion towards energy efficiency and renewable energy projects.
The €140 million programme for Egypt will provide loans for energy efficiency and small-scale renewable energy investments by private companies through a group of participating banks, with the aim of also achieving energy security.
[Photo by Francisco Anzola | Flickr]