Sharm El-Sheikh – Harry Boyd-Capenter, Managing Director, Climate Strategy and Delivery at European Bank for Reconstruction and Development, has said that the bank provides financing of €1bn to Egypt annually.
Boyd-Capenter told Daily News Egypt during the 27th UN Conference of the Parties on climate Change (COP27) in Sharm El-Sheikh on Tuesday, that the finance goes to a project with more than 55% of its components are green.
He stressed that the EBRD assured countries participating in COP27, especially Egypt, about the availability of funding for green projects.
Under the NWFE-EP, Egypt is expected to more than double its share of renewable energy by 2028, which is critical to its goal of producing 42% of its energy from renewable resources by 2035, and its long-term vision of becoming carbon neutral.
Boyd-Capenter pointed out that the Bank is ready to finance a lot of green projects to help countries mitigate the impact of climate change.
He added that the EBRD’s areas of investment include the financial sector, agribusiness, manufacturing, and services, as well as infrastructure projects such as power, municipal water, wastewater, and transport services.
Egypt is a founding member of the EBRD. Since the start of its operations in 2012, the bank has invested more than €9.8bn in 152 projects in the country.