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International financiers are prepared to fund renewables projects under revised terms set out by Egypt’s power ministry, according to local media. The ministry now plans to launch a new phase of its 4.3GW wind and solar program in October.
Officials from the ministry, state power firm EEHC, and renewables agency NREA this week met representatives of a number of institutions including the World Bank’s IFC investment unit and the EBRD.
The objective of the meeting was reportedly to address the institutions’ concerns about changes to the original terms and conditions, tariff calculations, Egypt’s shortage of foreign currency and the decreasing value of the Egyptian pound in relation to the US dollar. (CONTINUED - 279 WORDS)