Banks and international financial institutions have agreed to fund projects in phase II of Egypt’s Feed-in-Tariff (FiT) program after meeting the Egyptian Minister of Electricity, Mohamed Shaker, reported Al Borsa News.

Sources at the ministry stated that the financial firms are waiting for the cabinet to announce the launch of phase II of the program in October, in order for to start negotiation with companies over the construction of  wind and solar projects.

The objective of the meeting between Shaker and the financial organizations was to address their concerns regarding changes to stated terms and conditions, tariff calculation, and USD funding facilitations. They also inquired about a timeline for completing a final draft of power purchasing agreements. Therefore, a subsequent meeting was scheduled in order for the Egyptian ministry to answer further enquiries raised about  phase II of the program.

Some of the participating firms hinted that they will halt project fundings if any of the agreed terms discussed during the  meeting were not implemented.