The European Bank for Reconstruction and Development (EBRD) injected €500 million in Egypt’s renewable energy sub-sector. This was revealed by Philip Ter Coort, director of the bank’s branch in the country, as he met Saha Nasr, Egypt’s minister for international cooperation.

At the meeting, the two parties talked about EBRD’s strategy in the country, for the next four years, Daily News Egypt reports. The financial institution indeed plans to invest in various projects to boost the contribution of private sector in the sustainable development of Egypt.

So far, it has invested about €2 billion in the country making it its third global partner, aiming in the long run to make it its second. The institution supports mainly the energy, renewable energy, industry, transport, agro-industry, and utility services.

Gwladys Johnson