International Finance Corporation’s (IFC) Director for the Middle East and North Africa Region, Mouayed Makhlouf, confirmed IFC’s commitment to Egypt’s energy sector and supporting the government’s agenda of promoting private, sector-led, renewable energy projects. He stated that some of terms of the first phase of the FiT program were not in line with other programs launched around the world. Thus, IFC came to an agreement with the the Ministry of Electricity to not participate in the first phase of the program, reported Daily News Egypt. However, Makhlouf added that IFC is evaluating how to support private sector participation in the second round of the FiT program announced by the government.

IFC’s comments came as a response to a report that the corporation, together with European Bank for Reconstruction and Development (EBRD), has halted their Egypt operations over the disputes surrounding the FiT agreements and complications with the Abu Rawash wastewater plant and Dairut power plant, according to Al Mal News. Yet, in alignment with IFC’s statement, the EBRD’s Regional Communication Adviser for the Arab-Southern and Eastern Mediterranean (SEMED) region, Nibal Zgheib, confirmed that the bank did not invest in phase one of the FiT but continues to have normal operations in Egypt.