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TunisiaEgypt leads EBRD’s SEMED region investments in 2023
Egypt led the European Bank for Reconstruction and Development’s (EBRD) 2023 investments in the southern and eastern Mediterranean (SEMED) region, with new commitments to 16 projects totalling almost €1.3 billion. Sixty-nine per cent of the Bank’s investments in Egypt were in the country’s financial sector, while 63 per cent had a gender and inclusion focus. Ninety-six per cent of its investments in the country were in the private sector.
The Bank also disbursed a record €900 million-plus in Egypt in 2023 to support the implementation of key infrastructural projects and to improve access to finance for small and medium-sized enterprises (SMEs), bringing its total disbursements to €5.7 million since the start of its operations there in 2012.
Under Egypt’s country platform for the Nexus of Water, Food and Energy (NWFE), the Bank continued to support Egypt’s green transition by issuing a senior secured loan of up to US$ 100 million to Red Sea Wind Energy, which consists of up to US$ 50 million from the EBRD and up to US$ 50 million from the Green Climate Fund (GCF) in favour of Red Sea Wind Energy. The loan will fund the development, construction and operation of a new 500 MW onshore wind farm located in the Gulf of Suez area.
The EBRD is also mobilising technical assistance – including a just transition approach and a decommissioning master plan – for the permanent closure of 12 thermal power plants and supporting the country’s renewable energy expansion, for instance, through an action plan to develop green supply chains and institutional support for grid strengthening.
Countries covered:
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Egypt
