EBRD invests €1.3bn into Egypt of which 78% into the private sector

The European Bank for Reconstruction and Development (EBRD) said that it has invested more than 1.3 billion euros in 25 projects in Egypt during 2022 to enhance green economy transition and financial inclusion.

The investments cover a broad range of areas including green transition, social protection and inclusion and supporting the private sector.

In a statement released, EBRD said it has become a pioneering partner for Egypt as regards supporting its Country Platform for the Nexus of Food, Water, and Energy (NWFE) which was unveiled during the UN climate conference, COP27, held in Sharm El Sheikh in November.

The statement said the EBRD allocated $ one billion to finance renewable energy projects in the private sector, $ 300 million for sovereign funding along with grants worth $3 million from the special fund of EBRD, adding that the NWFE initiative gained an international political support from the US and Germany who both pledged to provide it with more than $ 250 million.

The statement noted that in addition to mobilizing support from the US and Germany, the initiative is planning to deploy more than $300 million in grant and concessional finance from the European Commission, France, the Netherlands, Denmark and the United Kingdom, as well as donors to the EBRD’s High Impact Partnership on Climate Action (Austria, Finland, the Netherlands, Spain, Switzerland, the Taiwan International Cooperation and Development Fund (ICDF) and the United Kingdom).