The European Bank for Reconstruction (EBRD) has pledged up to a billion dollars in renewable energy, according to Heike Harmgart, the EBRD's Regional Director for the Southern and Eastern Mediterranean.
It will also help finance the cost of shutting down gas power plants that are not functioning efficiently from next year, according to comments made by Harmgart.
The $1 billion represents about a tenth of the private funding Egypt needs to implement projects that mostly run on 10 gigawatts of wind power by 2028.
Egypt is seeking to reduce its domestic consumption so that it can increase its gas exports to Europe amid rising gas prices and demand as a result of the repercussions of the Russian-Ukrainian war.
