Egypt’s second-largest state-owned bank, Banque Misr, has launched a special programme to finance the installation of residential solar panels, aligning with the state’s broader push to expand the use of renewable energy sources across the country.
The bank is offering to finance up to 100 per cent of installation costs, with multiple repayment schemes and free life insurance for borrowers. For a limited period, beneficiaries will also receive an exemption from administrative fees, a competitive interest rate, and cashback equivalent to one monthly instalment.
The bank’s initiative follows a Cabinet proposal to launch an initiative enabling factories to generate solar energy on their rooftops and use it in production as a means to expand reliance on renewables, optimise the use of national resources, and reduce Egypt’s import bill. The initiative targets around 7,000 factories, representing nearly 10 per cent of Egypt’s total industrial base.
Prime Minister Mostafa Madbouly has also urged the government to launch incentives for both factories and households to transition to solar energy, describing the shift as a top government priority.
Source: egyptoil-gas.com