Egypt, UNIDO Promote Solar Development

Key Figures & Findings: Egypt’s Micro, Small, and Medium Enterprises Development Agency (MSMEDA), led by CEO Basil Rahmy, has launched a major financing program in partnership with the United Nations Industrial Development Organization (UNIDO). The initiative aims to bolster Egypt’s solar energy sector by supporting businesses in supplying, installing, operating, and maintaining solar technology. MSMEDA and UNIDO seek to empower the private sector by providing financial and technical assistance, aligning with Egypt’s sustainable development goals and commitment to renewable energy.

Statistics & Insights: The program offers financial backing of up to $975,000 for small projects and $1.95 million for medium-sized projects. These funds will support various projects targeting agricultural, industrial, and productive sectors dependent on solar energy, aiming to make these sectors environmentally friendly and less reliant on traditional energy sources.

Future Implications: If successful, the initiative could significantly expand solar adoption across Egypt, particularly in agricultural and industrial sectors, fostering eco-friendly operations and potentially lowering emissions. With continuous support, MSMEDA and UNIDO’s collaboration could further position Egypt as a regional leader in solar energy by the close of 2025.

Source:  SIS