Day: November 9, 2022

The European Bank for Reconstruction and Development (EBRD) announced on Tuesday8/11/2022 providing a new tranche of financing worth US$ 5.5 million to TAQA PV for Solar Energy, TAQA Arabia’s renewable energy subsidiary, under its existing facility for green private-to-private projects.

TAQA PV for Solar Energy is a project company incorporated in Egypt for the purposes of developing the private-to-private renewable energy business of TAQA Arabia SAE, an Egyptian joint stock company (a subsidiary of Qalaa Holdings).

The EBRD elaborated that the new funding comprises a $4.95 million loan from the EBRD and a $550,000 concessional loan from the Global Environment Facility (GEF) to finance the construction and operation of a 7 MWp solar photovoltaic (PV) project in El Minya.

The project will sell all of its electrical output to ASCOM Carbonate and Chemical Manufacturing (ACCM) under a 25-year power purchase agreement, according to the bank.

“This tranche follows an initial US$ 4.2 million loan in December 2020 to finance the construction and operation of a 6 MWp solar PV power plant at Dina Farms in the Beheira governorate, 80 km from the Egyptian capital, Cairo,” it added.

This plant was the first private-to-private renewable energy project financed by the EBRD in Egypt and it enabled Dina Farms, the largest dairy farm in Africa, to use clean energy for some of its energy consumption.

According to the EBRD, this project falls under the Southern and Eastern Mediterranean Private Renewable Energy Framework (SPREF), which supports the development and financing of innovative business models and the mobilization of private finance for renewable energy projects in the southern and eastern Mediterranean region.

“Supporting the growing private-to-private segment of renewable energy is critical to accelerate the decarbonisation of the economy and foster green supply chains in Egypt and across the African continent,” Managing Director of the EBRD’s Sustainable Infrastructure Group, Nandita Parshad said.

For her part, CEO of TAQA Arabia, Pakinam Kafafi, said that this project confirms TAQA Arabia’s ability to provide the latest sustainable solutions to a large base of private-sector companies, such as ACCM.

“The new plant will contribute to ACCM’s efforts to maximise the opportunities of using renewable energy resources, reducing its total annual electric power consumption by 16 percent. It gives us great pride to extend our partnership with the EBRD, a development finance institution that focuses on promoting private-to-private, green, sustainable energy projects aimed at developing society and providing a better quality of life,” she added.

The EBRD has invested more than €10.3 billion in 154 projects in Egypt, where the Bank’s areas of investment include the financial sector, agribusiness, manufacturing and services, as well as infrastructure projects in areas including the power sector, municipal water and wastewater services, and transport.

Source: State Information Service Egypt

Catherine’s Antiquities District received on Tuesday 8 /11/2022 First Lady of the Republic of Cyprus Andri Anastasiadi on the sidelines of her visit to Egypt to attend the Conference of the Parties to the United Nations Convention on Climate Change COP27, which is currently being held in Sharm El-Sheikh.

Anastasiadi was received by Director of Saint Catherine Antiquities Affairs Ahmed Adel, who took her on a tour.

Saint Catherine’s Monastery is one of the most important and unique Byzantine monuments in Egypt and the world. It was established in the sixth century AD by Emperor Justinian, and includes among its corners the sacred bush tree at which God spoke to his Prophet Moses.

The visit also included the Church of the Transfiguration, which contains the oldest mosaics from the sixth century AD; the Fatimid Mosque; the library of St. Catherine’s Monastery; and the exhibition of sacred icons.

It is worth noting that a number of Egyptian archaeological sites and museums have witnessed over the past two days the influx of official delegations participating in the conference, who expressed their great fascination with the ancient Egyptian civilization.

Source: State Information Service Egypt

Prime Minister Mostafa Madbouli hoped the cooperation between the Egyptian government and the Green Climate Fund (GCF) and partners will guarantee the implementation of Egypt’s 2050 National Climate Change Strategy (NCCS).

This came during his speech while announcing Egypt’s 2050 National Climate Change Strategy (NCCS) on the sidelines of the 2022 United Nations Climate change Conference (COP27).

The announcement was also attended by Planning and Economic Development Minister Hala el Saeed, Environment Minister Yasmin Fouad, Transportation Minister Kamel el Wazir, GCF Executive Director Yannick Glemarec and other partners.

The premier also hoped that Egypt will be a role model for developing counties to implement the climate change national strategy as well as holding more partnerships with private sector to deal with climate change.

While Fouad stressed the importance of mitigating the risks of climate funding within the crises facing the whole world including economic and Covid-19 crises.

Source: State Information Service Egypt

Planning and Economic Development Minister Hala el Saeed asserted on Wednesday that Egypt is giving great attention to green economy.

This came in her speech during the participation in a session titled “Green Sukuk Marketplace: Realizing the Potential of Islamic Finance for Climate Action” that was held on the sidelines of the 27th United Nations Climate Change Conference (COP27).

He pointed out that the government is following up creative funding mechanisms like issuing green bonds and sukuks.

Egypt is actively participating in dealing with the funding issue, she said, adding that Egypt is keen on green economy as it issued green bonds worth USD 750 million for five years.

Source: State Information Service Egypt

Transport Minister Kamel El Wazir witnessed on Tuesday the launch of the system of management and charging e-vehicles in Sharm El-Sheikh in the presence of South Sinai Governor Khaled Fouda.

The system includes 18 charging stations for electric cars in 18 spots, 109 charging points, and 150 electric cars, the Transport Ministry said in a statement.

Wazir said the launch represents an announcement for local manufacturing of e-vehicles in Egypt, which will start with the assembly phase and then produce these cars to strengthen this industry in Egypt.

Source: State Information Service Egypt

Foreign Minister and President of the 27th United Nations Climate Change Conference (COP27) Sameh Shoukry stressed that international partners should raise financial contributions for financing climate action.

He made the remarks on Wednesday during a meeting with Irish Foreign Minister Simon Coveney on the fringe of COP27, Egyptian Foreign Ministry Spokesman Ahmed Abu Zeid said.

The Irish foreign minister hailed Egypt’s organization of the international event.

He said his country is committed to upping its contribution to the international climate action and committing to the aspired goals of the conference in various domains.

For his part, Shoukry underlined the importance of confidence among various parties participating in COP27 in order to reach common visions on various issues.

The talks also tackled a host of regional and international issues, topped by the Russian-Ukrainian crisis as well as the Palestinian cause.

During the talks, Shoukry stressed Egypt’s steadfast stand on the importance of reviving the Middle East peace process under the two-state solution.

Source: State Information Service Egypt

President Abdel Fattah El Sisi asserted Egypt’s plans to maintain offering all forms of support to Burundi.

Egypt and Burundi have historical ties binding the two nations, President Sisi said, adding Egypt is looking forward to developing joint political coordination and consultation between the two countries.

President Sisi’s remarks came at talks with Burundi’s President Evariste Ndayishimiye on the sidelines of the UN Climate Conference, currently in session in Sharm El Sheikh.

Presidential Spokesman Bassam Radi said President Sisi welcomed Ndayishimiye’s visit to Egypt.

In turn, Ndayishimiye hailed Egypt’s successful organization of the global climate summit and distinguished, friendly and brotherly relations between the two countries.

He affirmed his keenness on promoting these ties on all fronts, with special focus on different development and technical domains, in addition to boosting political relations.

The spokesman said the meeting discussed ways of boosting vistas of joint cooperation between the two countries on all fronts.

Ndayishimiye praised Egypt’s unlimited support to maintain stability in Burundi.

Source: State Information Service Egypt