Egypt is on the right track towards a green and sustainable energy transition, Egypt’s official MENA news agency on Friday quoted an official from the European Bank for Reconstruction and Development (EBRD) as saying.
Maya Hennerkes, EBRD director for green financial systems, praised the country’s Nexus of Water, Food and Energy Program (NWFE) which aims to promote eco-friendly projects related to the National Climate Change Strategy 2050 and to enhance Egypt’s Vision 2030.
Hennerkes said that Egypt has replaced old power stations with a total capacity of five gigawatts with renewable energy resources, making it one of the promising countries that have the ability to make this transition.
Being Egypt’s leading partner on the NWFE, EBRD will provide €1.3bn ($1.45bn) to finance projects of transition to green and renewable energy in the coming five years, said the institution’s Managing Director for the Southern and Eastern Mediterranean region Heike Harmgart earlier.
In November 2022, the partnership agreement on the program’s implementation was signed between the Ministry of Electricity and Renewable Energy, the Ministry of Environment and the Ministry of International Cooperation and an EBRD-led group of development partners.
Egypt is a founding member of the EBRD. The lending institution has invested more than €9.8bn in 152 projects across Egypt since the start of its operations in the country in 2012, according to the report.