The Ministry of Electricity and the Egyptian Central Bank (ECB) are in consultations over the creation of a $300m renewable energy fund that the ministry hopes to launch with the International Bank for Reconstruction and Development (IBRD), reports Al Mal News.

The Electric Utility and Consumer Protection Regulatory Agency (EUCPRA) is leading the effort to establish the fund, which will secure financial resources in US dollars, in support of alternative energy projects. Lack of foreign currency has been an issue in the energy industry, especially for alternative projects, which will be paid in the Egyptian Pounds, but whose costs are usually counted in dollars.

The fund will be secured through the IBRD, African Development Bank and a European Bank. The money will be deposited in the Central Bank to support all investors’ needs in the first 6 months of the unified tariff projects scheme.