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EBRD to invest up to $1.3bln in Egypt’s water-food-energy-nexus, renewable energy programmes

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The European Bank for Reconstruction and Development (EBRD) has committed $200-300 million in funding for the energy pillar of Egypt’s Nexus of Water, Food and Energy (NWFE), the President of EBRD has tweeted.

The multilateral agency will also invest up to $1 billion in the associated renewable energy programme, EBRD president Odile Renaud-Basso said.

The EBRD official was in Egypt to participate in the Egypt-International Co-operation Forum (Egypt-ICF).

The NWFE programme was announced in July 2022 by the Egyptian Ministry of International Cooperation to implement green projects in water, food and energy sectors by attracting foreign funds.

The $10 billion programme, which will be funded through grants, soft financing and private sector investments, includes replacing 17 natural gas-based power stations with up to 10 gigawatts of renewable energy from wind and solar.

“We welcome the goal of the International Cooperation Forum, and strongly support Egypt’s Nexus of Water, Food and Energy Programme for COP27. Egypt is an energy superpower for the new world emerging from the green transition. This creates huge opportunities to shift away from reliance on gas and to open up new industries such as desalination, green hydrogen, green fertiliser or green steel,” Renaud-Basso said.

(Writing by Sowmya Sundar; Editing by Bhaskar Raj & Anoop Menon)

(anoop.menon@lseg.com)

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