Washingon, DC – Egypt depends on a reliable and affordable electricity supply to fuel its economy, but Egypt is challenged by rising fuel imports, tighter government finances, and strong electricity demand from businesses and consumers. In response to these challenges, the Government of Egypt introduced a Feed-in-Tariff program last September to support new renewable energy projects, aiming for renewable energy to contribute 20% of the country’s energy mix by 2020. The Government has also teamed up with international donors to support multiple energy efficiency initiatives.
The World Bank is committed to helping Egypt achieve its energy goals, and the World Bank has engaged K&M to assist with the preliminary design of a proposed clean energy fund for Egypt. The fund would support renewable energy and energy efficiency projects by providing technical assistance for project development and financial assistance through various financial instruments. K&M’s work includes a review of the existing market for the development of renewable energy and energy efficiency projects and developing initial options for the fund’s size, structure, and products.
K&M is proud to support the World Bank and the Government of Egypt in this important undertaking. Successfully bringing public and private resources together to meet Egypt’s clean energy investment needs will be an important step for Egypt and another example of the potential for clean energy investments throughout the region.