The NAMA Facility founding Donors – the Department for Business, Energy & Industrial Strategy of the United Kingdom (BEIS) and the Federal Ministry for Economic Affairs and Climate Action of the Federal Republic of Germany (BMWK) have approved funding to support the implementation of an ambitious NAMA Support Project (NSP) in Egypt as part of the NAMA Facility’s 7th Call. The NAMA Facility celebrated this milestone as part of an announcement for a COP27 side event held in Egypt, who hosted the COP presidency this year.
The NSP “Egypt Industry PV Program” (Egypt In-PV) will unlock financing for on-grid solar photovoltaics (PV) in the industrial small-medium enterprises (SME) sector. It aims to support 350 SMEs with installing 125 MW through up to 800m EGP in loans from two national banks and 340m EGP from the private sector. The project will enhance the capacity of key market actors by providing technical assistance to SMEs, PV developers, banks, and public entities. It is expected to reduce the risk perception of banks and increase the bankability of the loan requests prepared by SMEs for PV finance.
Following the Detailed Preparation Phase (DPP)*, during which the project worked to further elaborate the proposed project concept, a comprehensive NAMA Support Project (NSP) Proposal was submitted to the NAMA Facility. Based on an in-depth assessment of the Proposal, Donors then approved the project to enter the Implementation Phase.
The NAMA Facility’s support for these NSPs illustrates the Donors’ continued commitment to ambitious climate action.
*If you want to understand more about this project phase, check our publication on what it takes to craft a detailed project proposal in the Knowledge & Learning Hub.