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IFC Promotes Financing for Renewable Energy Projects in Egypt


In Cairo:
Riham Mustafa

Phone: +20 2 2461 4230

E-mail: rmustafa@ifc.org


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 Africa.


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.


About IFC

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

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About EBI


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, visit
www.ebi.gov.eg

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