Egypt’s green and sustainable energy transition is on the right track, said a European Bank for Reconstruction and Development (EBRD) official on Friday.
The EBRD’s director for green financial systems, Maya Hennerkes, admired the country’s Nexus of Water, Food and Energy Programme (NWFE) for promoting eco-friendly projects related to the National Climate Change Strategy 2050 and to enhance Egypt’s Vision 2030.
She also said that Egypt worked on replacing old power stations with a total capacity of five gigawatts with renewable energy resources. This makes it one of the promising countries that are capable of such a transition.
EBRD is Egypt’s leading partner on the NWFE programme and will provide €1.3bn ($1.45bn) to finance green and renewable energy transition projects in the coming five years, according to Heike Harmgart , the institution’s Managing Director for the Southern and Eastern Mediterranean region.
The Ministry of Electricity and Renewable Energy, the Ministry of Environment, the Ministry of International Cooperation, and an EBRD-led group of development partners all signed the agreement in November 2022.
