The European Bank for Reconstruction and Development (EBRD) is expanding its investments and initiating a range of new projects across Africa, specifically targeting countries such as Nigeria, Benin, Côte d’Ivoire, Ghana, Kenya, and Senegal.
A spokesperson for the bank emphasized that while the bank is already engaged in development efforts in northern Africa, its goal is to enhance value for both new clients and existing partners through its unique business model.
This approach is designed to complement and strengthen ongoing development initiatives, particularly in local investments.
The bank’s expanded focus will prioritize the private sector, where it plans to provide specialized policy advice, small business expertise, and support for transactions conducted in local currencies.
These measures aim to foster sustainable economic development and boost local entrepreneurship in the targeted regions.
In addition to its efforts in Africa, the bank is also making a substantial investment in Egypt’s first integrated solar and battery storage project.
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This initiative is being developed in collaboration with the African Development Bank (AfDB) and British International Investment, and it involves the creation of a large-scale photovoltaic plant with a capacity of 1.1 gigawatts (GW).
This facility is expected to generate approximately 3,000 gigawatt-hours (GWh) of clean energy each year, which will significantly aid in the reduction of carbon dioxide emissions by up to 1.4 million tonnes annually, contributing to Egypt’s sustainability goals.
In the city of Gyuona, residents will benefit from a new solar photovoltaic system that has been implemented with the support of the Green Economy Financing Facility (GEFF) programme.
This innovative system is anticipated to reduce the city’s electricity expenses substantially while providing reliable power for the next 25 years.
Furthermore, it is expected to decrease CO2 emissions by over 80000 tonnes each year, underscoring the environmental impact of renewable energy investments in urban areas.
