European Bank for Reconstruction and Development’s (EBRD) Director in Egypt, Philip ter Woort, stated that EBRD decided to finance Egypt’s renewable energy sector by around $544m, reported Daily News Egypt.

The Egyptian Minister of International Cooperation, Sahar Nasr, along with EBRD’s governor, met with ter Woort at the ministry’s headquarters in order to discuss the strategy between the Egyptian government and the bank. They agreed to work together on specifying investment in projects that strengthen the role of the private sector and sustainable development on the long-run. The bank has already invested over $2b in 36 projects across major sectors, including energy, renewable energy, manufacturing, transportation, agricultural industries, and utility services. The banks also cooperated in energy efficiency projects and providing work for women.

A delegation from the EBRD’s board of directors visited Cairo in October to discuss ways of cooperation. The met with Egypt’s Prime Minister, Sherif Ismail. The delegation is expected to hold meetings with a number of governmental officials that would focus on discussing the strategy that will be followed in the next four years, as the bank continue to support the government’s efforts to enhance the economy through establishing national projects, such as the Suez Canal Area Development Project, in addition to small- and medium-sized enterprises.