The European Bank for Reconstruction and Development (EBRD) will help finance the decommissioning of 5GW of inefficient gas-fired power plants in Egypt from 2023 while pledging up to $1 billion for renewables, its regional director said on Sunday.
EBRD would raise up to $300 million in sovereign financing for projects including work to stabilize Egypt's grid, adding battery storage, developing the local supply chain for renewables, and retraining workers, said Heike Harmgart, EBRD's managing director for the Southern and Eastern Mediterranean.
