The European Bank for Reconstruction and Development is looking to invest in Egypt's sustainability.
The European Bank for Reconstruction and Development (EBRD) will provide a USD 1 billion fund for the development of renewable energy in Egypt, and raise up to USD 300 MLN to stabilize Egypt’s energy grid, as part of Egypt’s Nexus of Water, Food and Energy (NWFE) programme. The money will go towards adding battery storage, developing the local supply chain for renewables, and retaining workers.
The NWFE programme was announced in 2022 by the Ministry of International Cooperation to attract foreigh funds to implement green projects. The bank will also finance the decommissioning of inefficient power plants in Egypt. The project will replace 17 natural gas-based- power stations with up to 10 GW of wind and solar energy.
After installing three power plants produced by Siemens in 2015, Egypt has built up a significant power surplus. Since the Russia-Ukraine conflict, the country has been laser-focused on decreasing domestic energy spending so it can export some of its resources to Europe.