The Arab-African International Bank (AAIB) has recently launched a programme to help individuals install solar kits in their homes. This financing programme is conducted in partnership with the company Future Energy.
What is the best way to enable individuals to easily install solar home systems in Egypt? This is the main purpose of a financing programme that has been initiated by the Arab-African International Bank (AAIB). The actions will be carried out in partnership with the solar energy supplier Future Energy.
Over a large part of the African continent, particularly south of the Sahara, solar home kits provide access to electricity. In Egypt, these systems allow some households to “reduce their electricity expenses in the long term by buying sustainable solutions that produce their own electricity at home”, as AAIB points out.
AAIB’s new programme enables its customers to obtain financing for the acquisition of solar home systems. In concrete terms, the financing covers the expenses related to the purchase and installation of solar panels. The individual can repay the loan through “flexible payments” over a period of 84 months. Overall, the bank’s customers can thus lend up to a maximum of 2 million Egyptian pounds (around 128,000 dollars).
According to the AAIB, its solar home systems financing programme also aims to support the Egyptian government’s policy of producing 20 per cent of the electricity consumed in the country from renewable energy sources. As part of this policy, large power generation facilities are under construction in Egypt. An example is the Benban solar complex in the governorate of Aswan. The solar parks of this complex will have a cumulative capacity of 1 650 MW.
Also as part of the Egyptian government’s climate-friendly policy, Egypt’s wind power potential is being exploited with several projects under development in the locality of Ras Ghareb, located in the Red Sea governorate.