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Wednesday, 1 July 2020

EU to provide EUR 24.8 mn grants to renewable energy in Egypt

EU to provide EUR 24.8 mn grants to renewable energy in Egypt: The EU will give Egypt a EUR 24.8 mn grant to expand the EBRD’s Green Energy Financing Facility (GEFF), which it launched to help Egyptian businesses invest in renewable energy, according to a press release. Extending credit through banks to green and energy-efficient Egyptian businesses is a strategic priority for the EBRD, the bank’s managing director for the SEMED region Heike Harmgart told Enterprise last month.

More grants to the region for green energy: The bank said the bloc is providing a total of EUR 61.3 mn to emerging countries neighboring Egypt to support green projects and action against climate change. Besides the grant to Egypt, Morocco will be getting a EUR 21.1 mn grant and countries of the EBRD’s Eastern Partnership — which include Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine — will be receiving EUR 15.4 mn.

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