- Egypt is leading the European Bank for Reconstruction and Development’s (EBRD) 2023 investments.
- EBRD continued to support Egypt’s green transition by issuing about a $100m loan to Red Sea Wind Energy.
Egypt is leading in the European Bank for Reconstruction and Development’s (EBRD) 2023 investments in the southern and eastern Mediterranean (SEMED) region with new commitments to 16 projects totalling almost €1.3 billion. Under Egypt’s country platform for the Nexus of Water, Food and Energy (NWFE), the Bank continued to support Egypt’s green transition by issuing a senior secured loan of up to US$ 100 million to Red Sea Wind Energy. This loan consists of up to US$ 50 million from the EBRD and US$ 50 million from the Green Climate Fund (GCF) in favour of Red Sea Wind Energy.
The loan will fund the development, construction and operation of a new 500 MW onshore wind farm in the Gulf of Suez area. The EBRD is also mobilising technical assistance – including a just transition approach and a decommissioning master plan – to close 12 thermal power plants permanently. Also, the EBRD is supporting the country’s renewable energy expansion, for instance, through an action plan to develop green supply chains and institutional support for grid strengthening.