Cairo – August 14, 2024: The Islamic Development Bank (IsDB) was crucial in Egypt's energy sector from 2012 to 2022, financing projects that led to a 14 percent increase in energy production, accounting for 94 percent of the country's total capacity.
The IsDB contributed nearly 4,000 megawatts to this growth through 19 approved projects worth $2.02 billion.
Notably, six of these projects were in solar power, highlighting the bank's commitment to sustainable development, according to a statement from the Saudi Press Agency.
The Islamic Development Bank (IsDB) played a pivotal role in Egypt's energy sector during 2012-2022, financing multiple projects that supported a 14 percent increase in the country's energy production, representing represents a significant 94 percent of Egypt's total energy capacity.
Key sustainable development goals (SDGs) supported by the IsDB in Egypt include affordable and clean energy, decent work and economic growth, and advancements in industry, innovation, and infrastructure.
In July, Minister of Electricity and Renewable Energy, Mahmoud Esmat, announced that Egypt is targeting 45,000 megawatts from renewable energy projects currently under construction. At the time, the combined capacity of renewable energy from wind and solar sources stood at about 4.6 gigawatts, while hydroelectric energy capacity reached 2,832 megawatts.
The ministry plans to enhance the nation's electrical capacity by 750 megawatts with the introduction of two new renewable energy projects.
These projects, expected to be completed by the end of 2024, will involve investments of $700 million and include wind and solar energy sources, with a 250-megawatt wind energy project set to begin operations this August.
Esmat also highlighted that the national electricity grid's load peaked at 38 gigawatts on July 22. During the same period, Prime Minister Mostafa Madbouly reported that daily energy consumption had exceeded 37 gigawatts, marking a 12 percent increase from the previous year and resulting in a 4-gigawatt deficit.
Egypt recently launched Africa’s first voluntary carbon market, opening up registration, issuance, and trading of carbon reduction certificates for companies across the continent.
Minister of Planning and Economic Development, Rania Al Mashat, highlighted the significance of carbon markets during the opening ceremony, describing them as a crucial mechanism for reducing greenhouse gas emissions and a recommended model in the Sharm El-Sheikh Guide for Just Finance.
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