RIYADH: The European Bank for Reconstruction and Development's annual allocation of funds to Egypt might exceed €1 billion ($1 billion) as the country is set to host the next UN Climate Change Conference, said a top official.
As the bank invests €1 billion in Egypt on an annual basis, it plans to finance projects aiming at supporting a green transition, the managing director for the EBRD’s Southern and Eastern Mediterranean region said.
“We will be financing projects that support green transformation, as the focus this year will be on green investment, in terms of supporting more renewable energy as well as environmentally friendly transportation and green cities,” Heike Harmgart explained.
Egypt will host the 27th session of the UN Climate Change Conference, known as COP27, in November in Sharm El-Sheikh.
Last May, it launched its billion-dollar National Climate Change Strategy 2050 to support a stronger, greener Egyptian economy.
