Heike Harmgart, Managing Director for the Southern and Eastern Mediterranean at the European Bank for Reconstruction and Development (EBRD), announced that the bank will assist in funding the decommissioning of 5GW of inefficient gas-fired power plants in Egypt from 2023, Reuters reported.

She added that the bank promised to contribute up to $1 billion for developing renewable projects. Additionally, the bank would raise up to $300 million in sovereign financing for projects including work to stabilize Egypt’s grid, adding battery storage, developing the local supply chain for renewables, and retraining workers, Harmgart said.

She elaborated that a separate$1 billion pledged for renewables would make up around one tenth of the private financing required for 10GW of mainly wind-powered projects planned by the government by 2028.