The European Bank for Reconstruction and Development (EBRD) has invested nearly 12.5 billion euros ($13 billion) in Egypt in the form of loans and project finance, according to an Egyptian government report.

The funding facilities covered various sectors in the most populated Arab country, including renewable energy, water, transport, infrastructure, industry, farming and services, the Planning, Economic Development and International Ministry said in its report published by Alahram news website on Sunday.

The latest funding facility by the London-based EBRD included about $21.3 million for an under-construction wind energy farm in the Gulf of Suez to expand its original production capacity of 500 megawatts (MW) to 650 MW, the report said. The loan was extended last week to Red Sea Wind Energy, which owns the project along with local and foreign partners including Egypt’s Orascom Construction, ENGIE (France), and Toyota Tsusho Corporation & Eurus Energy Holdings Corporation (Japan). The total financing amounted to $106 million with contributions from JBIC, Sumitomo Mitsui Banking Corporation, the Norinchukin Bank, and Société Générale S.A. 

Concessional financing has catalysed over $2.5 billion in private-sector investments in Egypt’s renewable energy sector to date, supporting the development of projects with a combined capacity of 4.7 gigawatts (GW), according to EBRD’s press statement on the financing.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.