AIIB joins Egyptian initiative to support installation of 10GW of renewables by 2028

November 22, 2022
Facebook
Twitter
LinkedIn
Reddit
Email
The agreement was signed at the COP27 conference in Sharm El-Sheikh. Image: AIIB.

The Asian Infrastructure Investment Bank (AIIB) has joined a partnership agreement with the Egyptian government, expected to mobilise US$10 billion in investments to deploy 10GW of solar and wind by 2028.

The Nexus on Water, Food and Energy (NFWE) is a three-pronged programme established by Egypt’s Ministry of Electricity and Renewable Energy, Ministry of Environment and Ministry of International Cooperation to boost the country’s renewable energy capacity and catalyse climate action.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

At COP27, the AIIB announced that it will contribute to the energy pillar of the NFWE, which targets 10GW of renewables deployment by 2028 as well as retiring 5GW of inefficient fossil fuel capacity by 2025.

AIIB vice president for investment operations Konstantin Limitovskiy said: “We are very happy to reinforce our full support by joining the Egyptian Nexus of Food, Water and Energy initiative, which is a model led by the country in addressing climate imperatives. AIIB has already built a pipeline exceeding US$1 billion for Egypt, and the NWFE Partnership presents another opportunity for our enhanced collaboration.”

In the early days of the COP27 conference this month, the AIIB signed up as a financial partner to IRENA’s Energy Transition Accelerator Financing Platform, channelling finances to renewable energy projects in developing countries.

Egypt has committed to quadrupling the portion of its energy capacity represented by renewables to 42% by 2030.

Last week, solar developer Juwi commissioned a 36MW hybrid PV project to power a gold mine in Egypt.

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

Read Next

October 29, 2025
The European Bank for Reconstruction and Development (EBRD) has provided US$142 million in financing for the construction of a 1GW solar and 1.3GWh BESS portfolio in Uzbekistan.
October 29, 2025
French firms TotalEnergies and EDF, with local partners, secured contracts for 400MW and 600MW solar projects in Saudi Arabia, supporting Vision 2030 renewable goals.
October 28, 2025
GreenYellow plans to invest US$116 million in Poland over the next three years to expand its installed capacity and customer base.
Premium
October 28, 2025
BESS are 'the new player that everyone is talking about,' in Europe’s power purchase agreement (PPA) space, according to LevelTen.
October 28, 2025
GoldenPeaks Capital secures EUR114 million (US$132 million) financing package for two solar PV Portfolio in Poland.
October 28, 2025
Chinese solar inverter producer GoodWe has launched a new “low noise, low weight” string inverter for the European corporate & industrial solar market.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
November 12, 2025
10am PST / 1pm EST
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 10, 2026
Frankfurt, Germany