The European Bank for Reconstruction and Development (EBRD) is again supporting sustainable development in Egypt. The financial institution is providing a $4.8 million loan to Intro Sustainable Resources (Intro-SR) and Intro Solar. According to the EBRD, the funding will enable Intro-SR to finance its participation in a portfolio of energy efficiency, waste-to-energy, waste management and solar photovoltaic projects.
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This portfolio includes one of the first private-to-private power generation projects in Egypt aimed at promoting resource efficiency. Cairo-based Intro Solar develops, builds and operates solar photovoltaic power plants.
The EBRD is supporting both companies as part of its commitment to Egypt. The London-based bank has increased its investments in Egypt tenfold in recent years. The bank’s main focus is on renewable energy. A few weeks ago, the EBRD participated in the refinancing of six solar power plants of Scatec and Africa50 in the Benban complex.
This was in the context of a green bond whose issuance was also subscribed by the American Development Finance Corporation (DFC), the Dutch Development Finance Corporation (FMO), the German Investment Corporation (DEG) and other private institutional investors.
Jean Marie Takouleu