GCF-EBRD Egypt Renewable Energy Financing Framework

GCF-EBRD Egypt Renewable Energy Financing Framework

  • Status Under implementation
  • Date approved 06 Apr 2017 at B.16
  • Est. completion 07 Sep 2024
  • ESS Category Category A

Scaling up renewable energy in Egypt through renewable energy integration and leveraged investments.

The Renewable Energy Financing Framework will support Egypt in meeting its target of 20% renewable energy generation by 2022, through two complementary components.

The first is a comprehensive technical assistance programme to enhance renewable energy integration, policies, and planning. The second component is to scale up investments to support the development and construction of renewable energy projects totalling USD 1 billion. This will be done by blending GCF and EBRD financing to leverage debt financing from international and development financial institutions, and at a later stage from commercial banks and private sector investments.

The projects to be implemented with co-financing from the Framework are expected to generate around 1,400 GWh electricity annually and result in avoided GHG emissions of about 800,000 tCO2e annually once all projects are operational.

The Framework will launch the first wave of private renewable energy projects in Egypt, overcoming financial barriers due to uncertainty and high transaction costs, as well as the macroeconomic situation which has resulted in increased cost of capital and limited availability of debt. The Framework will use debt financing from EBRD and GCF of up to USD 500 million, including up to USD 150 million in loans from GCF.

The project has an estimated lifespan of 18 years.

Total project value


Tonnes of emissions avoided




Result areas

Project timeline


22 Dec 2016 - 106 days

Concept note received

22 Dec 2016

Funding proposal received

02 Feb 2017

Cleared by iTAP

23 Mar 2017


06 Apr 2017 - 156 days

Approved by GCF Board

06 Apr 2017

Legal opinion on AE's Internal Approval

09 Aug 2017

FAA executed

16 Aug 2017

Under implementation

08 Sep 2017 - 2,504 days so far

FAA effective

08 Sep 2017

Disbursement - USD 65,800,000

22 Sep 2017

Annual Performance Report

28 Feb 2018

Disbursement - USD 4,000,000

30 Jul 2018

Annual Performance Report

01 Mar 2019

Disbursement - USD 20,000,000

18 May 2020

Disbursement - USD 150,000

10 Mar 2021

Disbursement - USD 3,163

05 Oct 2021

Disbursement - USD 60,703,335

17 May 2023

To be completed

07 Sep 2024 - 54 days to go

One region

  • Africa

One country

One priority group

  • African States
  • Financing
    • Private sector
    • Public sector
  • Size
    • Micro
    • Small
    • Medium
    • Large

GCF financing97% disbursed

LoanUSD 150,000,000
GrantUSD 4,700,000
Total GCF Financing
USD 154,700,000


Co-FinancingLoanUSD 350,000,000
Co-FinancingLoanUSD 125,000,000
Co-FinancingEquityUSD 250,000,000
Co-FinancingGrantUSD 2,300,000
Co-FinancingLoanUSD 125,000,000
Total Co-Financing
USD 852,300,000

GCF Contacts

General media inquiries

GCF Communications
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Request for information

GCF Information Disclosure
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Project complaints and grievances

GCF Independent Redress Mechanism (IRM)
Phone +82 32 458 6186 (KST)
File a complaint

Integrity issues

GCF Independent Integrity Unity (IIU)
Phone +82 32 458 6714 (KST)
Send e-mail

Accredited Entity

European Bank for Reconstruction and Development
Mr. Alexis Franke

Associate Director, Pillar Head, Donor Partnerships
European Bank for Reconstruction and Development, 5 Bank Street, London, E14 4BG, United Kingdom
Ms. Elodie Loppé

Associate Manager, Donor Partnerships
European Bank for Reconstruction and Development, 5 Bank Street, London, E14 4BG, United Kingdom
More contacts

National Designated Authority

Ministry of Environment
Eng. Sherif El-Rehim Primary
Head of the Central Department for Climate Change, Egyptian Environmental Affairs Agency

News + Stories

Climate finance drives down renewable price in Egypt by half

16 Oct 2018 / A timely Green Climate Fund (GCF) investment has helped halve the cost of producing renewable energy in Egypt by using new ways to capture private finance flows.