Banque Misr, Egypt’s second-largest state-owned bank, is offering a special program to finance the installation of residential solar panels, a move that aligns with the state’s direction toward expanding the use of renewable energy sources, noted a statement by the bank.

In addition to financing up to 100% of the installation costs, the bank offers different repayment schemes and free life insurance for the borrowers. For a limited time, the beneficiaries of this program will receive an exemption from administrative fees, a competitive interest rate, and cashback equivalent to one instalment.

Earlier in May, the Cabinet reviewed a proposal to launch an initiative that would enable factories to generate solar energy on their rooftops and use it in production as a means to expand reliance on renewables, optimize the use of national resources, and reduce the import bill. The targeted number of factories in the initiative is around 7,000, representing nearly 10% of Egypt’s total industrial base.

This came on the heels of a statement by Prime Minister Mostafa Madbouly urging the government to launch an initiative to incentivize factories and households to transition to solar energy, stressing that this is a top government priority.