Egypt and the European Bank for Reconstruction and Development (EBRD) will sign a USD 60 mn agreement next week to finance private projects, Invest-Gate reports.

The money is part of the EBRD’s USD-500-mn framework to finance private renewable energy projects in the country.

The USD-500-mn financing, approved by the EBRD’s Board of Directors on June 7, 2017, supports the development of private renewable energy projects under the Egyptian government’s feed-in-tariff program. That program aims to stimulate private investment in over four gigawatt of wind and solar power.

The EBRD has invested EUR 2.7 bn (USD 3.2 bn) in 47 projects in Egypt since it began operations there in 2012, making the country the bank’s third-biggest investment destination worldwide.