Skip to main content

Asian bank to support 10 gigawatts of renewables in Egypt by 2028

November 22, 2022

PV Tech:

The Asian Infrastructure Investment Bank (AIIB) has joined a partnership agreement with the Egyptian government, expected to mobilise US$10 billion in investments to deploy 10GW of solar and wind by 2028.

The Nexus on Water, Food and Energy (NFWE) is a three-pronged programme established by Egypt’s Ministry of Electricity and Renewable Energy, Ministry of Environment and Ministry of International Cooperation to boost the country’s renewable energy capacity and catalyse climate action.

At COP27, the AIIB announced that it will contribute to the energy pillar of the NFWE, which targets 10GW of renewables deployment by 2028 as well as retiring 5GW of inefficient fossil fuel capacity by 2025.

AIIB vice president for investment operations Konstantin Limitovskiy said: “We are very happy to reinforce our full support by joining the Egyptian Nexus of Food, Water and Energy initiative, which is a model led by the country in addressing climate imperatives. AIIB has already built a pipeline exceeding US$1 billion for Egypt, and the NWFE Partnership presents another opportunity for our enhanced collaboration.”

[Will Norman]

More: AIIB joins Egyptian initiative to support installation of 10GW of renewables by 2028

Join our newsletter

Keep up to date with all the latest from IEEFA