The European Bank for Reconstruction and Development (EBRD) and the Green Climate Fund (GCF) planning to make a great contribution in the renewable energy project in Egypt worth US$ 1 b. Egypt has set a target to reach 20% renewable energy by 2022, the funding supports this Egyptian government’s Strategy, allowing the independent power producers to make their investmentsin the first wave of private renewable energy production in Egypt. This initiative funding sounds to be the largest contribution by GCF since it started to make full-scale operations. In the same context the funding is expected to begin flowing in September following the funded activity agreement (FAA) signing between GCF and the EBRD. The Green Climate Fund which is the largest global fund with the ability to leverage the private sector in tackling climate change, was established in 2010 to finance climate change projects and programmes that help developing countries to adapt with the climate impacts and to reduce greenhouse gas emissions.

Source: Daily News Egypt August 20, 2017 16:41 UTC