Engineering consultant at Kuwait Fund for Arab Economic Development (KFAED) Mohamed Sadiki revealed on Monday that the fund is a main partner to Egypt, which stands to benefit the most from funds the KFAED introduced with a total of $3.6 billion since its inception.
He added during the second and last day of the third Al-Ahram conference on energy that theelectricity sector in Egypt is at the top of sectors that benefited from the fund's financings through establishing 12 electricity generating plants, while participating in another project that links the electricity grid in Egypt with that in Saudi Arabia with the first use of the continuing voltage technology.
Sadiki confirmed that electricity sectors are at the top of sectors that receive funds from the KFAED annually, reaching $5,284 million over 164 projects by the end of 2018.
Meanwhile, Mohamed Shaker Abul-Ezz, structural financing sector head at Banque du Caire, said that the total of loan portfolio that the bank was allocated for the energy sector in Egypt over the past four years recorded EGP 2.8 billion in direct funds, besides EGP 170 million in indirect funds, while direct funds for petroleum and natural gas reached EGP 10.7 billion, in addition to EGP 1.2 billion in indirect funds.
He added that electricity accounts for four percent of the bank’s loan portfolio, while petroleum and natural gas account for 16 percent.
Banque du Caire, according to Abul-Ezz, pays significant attention to renewable energy projects in order to boost Egypt’s orientations of depending on more sustainable energy resources. He added that Egypt set a strategy for renewable energy to contribute with 42 percent of the total electricity production in the country by 2035, 22 percent from solar cells, 14 percent from wind energy, four percent from solar energy, and two percent from hydropower.
Egypt targets producing 20 percent of its energy from renewable energy sources by 2022.