CAIRO: In consideration of Egypt’s energy crisis, a number of Egyptian banks expressed their willingness to fund new solar energy plants for generating electricity in order to further develop Egypt’s infrastructure, Al-Maal Business daily reported.
“Such new solar energy plants could be carried out without governmental participation,” said the report, adding that the new solar energy projects need only to be studied and for the expected profits and financing to be evaluated.
Egypt has been suffering from frequent power cuts due to a low oil supply and overconsumption of electricity.
Saeed Zaki, a member of the Egyptian Gulf Bank’s board of directors, announced that Egyptian banks will investigate establishing a number of solar energy projects in the upcoming period, especially with the growing need of energy.
Zaki said solar energy projects are very promising for the energy sector and they will provide more job opportunities, increase banks’ new investments and develop infrastructure.
Zaki said that the Egyptian Gulf Bank is studying a number of reports about solar energy projects before committing to investments.
“Within the growing crisis in energy supply along with the increase in diesel oil prices, the solar energy plants will be an absolute necessity,” he said.
Zaki said new solar energy projects do not need government partnership, adding that operating banks fund a lot of projects without government partnership.
Ahmed Roshdy, an economics expert and former manager for the National Bank of Egypt, announced that all banks in Egypt would consider funding new solar energy projects during the upcoming period.
“Evaluating studies for solar energy projects by bank experts should be necessary before funding any project,” Roshdy said, adding that each bank is designating a number of experts to assess each project’s expected revenue, cost and the importance of the projects.
Concerning government partnership in such projects, Roshdy said partnership is necessary in as it could help facilitate the measures needed for implementing such projects and could provide the needed land for the projects.
The Minister of Local Development has previously stated that $1 billion will be executed to aid solar energy projects as a boost to renewable energy and to help alleviate the country’s energy concerns.