EBRD Egypt to focus on renewables - report

In Egypt, the European Bank for Reconstruction and Development (EBRD) plans to concentrate on providing financing for renewable energy projects in the coming period, Daily News Egypt reported on Saturday, citing EBRD Egypt director Philip ter Woort.

EBRD has received requests for funding from 67 companies operating in Egypt's renewable energy sector and has allocated hundreds of millions of euros to meet that demand, according to the bank's local director.

Ter Woort spoke to journalists after the signing of an agreement between EBRD and the National Bank of Kuwait-Egypt (NBK-Egypt), under which EBRD provided a USD-50-million (EUR 44m) loan to NBK-Egypt to support small and medium sized enterprises (SMEs).

Since the start of its operations in Egypt at the end of 2012, EBRD has invested more than EUR 1 billion in the country through 27 projects, the bank said in its announcement.

(USD 1.0 = EUR 0.879)

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