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Monday, 12 September 2022

EBRD to help Egypt wind down gas-fired power plants

More details on EBRD clean energy funding: The European Bank for Reconstruction and Development (EBRD) will provide USD 300 mn in funding to Egypt to help it decommission 5 GW of gas-fired power plants from 2023, Heike Harmgart, the bank’s managing director for the Southern and Eastern Mediterranean, told Reuters. The money will be spent on stabilizing the country’s electricity grid, adding battery storage, upgrading local supply chains for renewables, and retraining workers, she said.

This is part of the bank’s USD 1.3 bn funding pledge announced last week, which includes USD 1 bn in financing for renewable energy projects. This would account for roughly one tenth of the private funding Egypt needs to add 10 GW of renewables capacity by 2028, Harmgart said.

ALSO FROM THE EBRD-

Money for EVs in Egypt: The EBRD is also providing a EUR 10 mn loan to our friends at Abou Ghaly Motors to fund the purchase of 250 electric vehicles for its taxi fleet, it said in a separate statement. Around EUR 3 mn of that funding will come from the UK’s Foreign, Commonwealth and Development Office. The company will use the money to electrify its London Cab fleet, which are used to provide taxi services as well as airport transfers in Cairo, Sharm El Sheikh and Hurghada.

AND- Banque Misr green on-lending loan confirmed: The lender confirmed last week that it would go ahead with the USD 100 mn loan to Egyptian state bank Banque Misr approved in January. The financing will be on-lent to local SMEs looking to invest in climate mitigation and adaptation technologies and services, the bank said.

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