Egypt’s Petroleum Minister, EBRD discuss renewable energy project funding

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Egypt’s Petroleum and Mineral Resources Minister Kareem Badawi met with European Bank for Reconstruction and Development (EBRD) executives to discuss boosting cooperation on energy transition and mining.

Badawi held talks with Harry Boyd, the bank’s executive director of climate strategy, and Heike Harmgart, regional director for the Southern and Eastern Mediterranean, as well as their delegation. The discussions focused on strengthening collaboration between the petroleum sector and the EBRD in reducing emissions and decarbonisation.

The EBRD is providing technical support to develop a low-carbon hydrogen strategy for the sector and is conducting emissions measurement campaigns at multiple sites.

The meeting explored avenues for securing funding for renewable energy and energy efficiency projects within the petroleum sector, as well as environmentally friendly petrochemical initiatives.

Additionally, the EBRD will offer technical assistance to prepare a feasibility study for a sustainable aviation fuel project. The bank may provide funding for the project based on the study’s findings.

The discussion also covered the status of cooperation in the mining sector. The EBRD will provide technical support for conducting a geophysical survey across the country, which will help identify opportunities for mineral deposits. The talks also included discussions on supplying the necessary requirements for value-added projects in the mining sector.