KfW Development Bank inks 2 agreements with Egypt: Germany’s KfW Development Bank has signed two development financing agreements totalling EUR 76 mn with Egypt’s International Cooperation Ministry to be allocated to renewable energy and smart grid projects, according to a statement on Monday.

First, smart grids: The first agreement, which will cost EUR 53 mn, comprises development financing and a grant for the smart grid development project, with an aim to add 450 MW to the capacity of the Abis transformer station. This follows Germany’s agreement with Egypt to provide EUR 258 mn in green finance for the Nexus for Water, Food and Energy (NWFE) climate adaptation program, the statement adds.

Then, onto renewables: The second agreement, worth EUR 23 mn, comprises EUR 8 mn in funding for the energy efficiency project that aims to facilitate investments in energy efficiency, and EUR 15 mn in funding to rehabilitate hydroelectric stations at the High Dam power station.

REMEMBER- KfW 💚 Egypt: Egypt and KfW signed a EUR 54 mn debt swap agreement in June as part of the program. KfW Development Bank is among the consortium funding Vesta’s 250 MW wind farm in Egypt’s Gulf of Suez.

ALSO- Egypt gets EUR 165 mn from EIB: The European Investment Bank (EIB) is loaning Egypt EUR 135 mn and providing an EUR 30 mn grant for the sustainable green industry project, according to a statement on Monday. The funds will be allocated to public and private companies operating in eliminating industrial pollution, decarbonizing the industrial sector by using renewables, and developing sustainable industrial practices.

EIB has a solid portfolio in Egypt: The lender inaugurated a new regional hub in Cairo to further its investment — including green investments — in the MENA region last month. EIB is also looking to fund Scatec’s green hydrogen projects in Egypt.

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