Cairo, Egypt, June 23, 2015—IFC,
a member of the World Bank Group, and the Egyptian Banking Institute co-hosted
a workshop in Cairo to highlight the investment opportunities emerging
in Egypt in renewable energy, promote financing for such projects and encourage
best practice in the field.
The pioneering one-day training session, supported by the Danish Government
and held in partnership with Egypt’s Ministry of Electricity and Renewable
Energy, Eversheds, DNV-GL, Scatec Solar and Acciona, attracted more than
100 banking executives. Renewable energy projects in Egypt are expected
to require $8 billion in capital investment over the next four years, presenting
a significant opportunity for investment.
But availability of financing for the anticipated 4300MW of new renewable
energy generation capacity may be a critical bottleneck unless both local
and international financial institutions are able to make financing available.
Dr. Ola el Khawaga, Director of the Research and Awareness Department at
the Egyptian Banking Institute said: “As the official training arm of
the Central Bank of Egypt, we aim to promote training and apply international
best practices in Egypt’s financial institutions. We were delighted to
co-host this workshop to promote financing for the renewable energy sector,
which is a key sector for Egypt’s economy.”
“Governments in the region are increasingly realizing the importance of
renewable energy to reduce electricity shortages and mitigate climate change,
but they need support from the private sector. Our aim is to help financial
institutions see the growing and profitable demand for investments in renewable
energy and provide the right products to support and encourage this,”
said Mouayed Makhlouf, IFC Regional Director for the Middle East and North
Attendees were provided with information on entering the renewable energy
financing sector in Egypt, structuring the right financial packages, and
reaching renewable energy targets introduced by the Egyptian government.
In addition, they were given an overview of the sector and current technology,
and explored case studies on existing solar and wind power projects.
At the end of the workshop, 80 percent of respondents agreed that their
financial institution would be able to offer products to finance renewable
energy projects in Egypt.
Since 2005, IFC has invested more than $11 billion in renewable energy
generation and energy efficiency projects globally. It plans to invest
between $1.2 billion and $2 billion in Egypt over the next four years on
a range of projects, including in the renewable energy sector.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in about 100 countries, we use our capital, expertise, and
influence to help eliminate extreme poverty and boost shared prosperity.
In FY14, we provided more than $22 billion in financing to improve lives
in developing countries and tackle the most urgent challenges of development.
For more information, visit www.ifc.org
The Egyptian Banking Institute (EBI) was established in 1991 by the Central
Bank of Egypt (CBE) to act as its official training arm and apply the international
best practices in developing the technical and managerial skills of financial
service professionals with a vision to be the premier financial services
training and research center in Egypt and the surrounding region. In April
2009, EBI received its first accreditation for a 5-years term by the Accrediting
Council for Continuing Education and Training (ACCET) to become the first
accredited financial training institute in Egypt and the region. In December
2014, EBI was re-accredited for a new term of 5 years. As a knowledge hub,
EBI masters various training areas with its edge in banking training, complemented
by managerial, leadership, IT training and two specialized training units
for SME and Corporate Governance. In addition, EBI offers review courses,
certificates and contractual programs. Beyond training, EBI undertakes
a wide range of knowledge empowerment activities such as research, seminars,
publications and conferences to disseminate knowledge. For more information,