The Egyptian government is set to sign a $60-million agreement with the European Bank for Reconstruction and Development (EBRD) next week, according to Investment Minister, Sahar Nasr, reports Amwal Al Ghad.

The agreement is the next step in the bank’s $500-million initiative to provide financing for private renewable-energy projects in Egypt, according to Zawya.

In June 2017, the bank’s board of directors signed off on the $500-million development plan. The goal of the development plan is to support the Egyptian’s government’s efforts to encourage private investment in the renewable-energy sector.

Since it began operating in Egypt in 2012, the EBRD has invested $3.2 billion in Egypt.