Latest news with #EBRD
Zawya
3 days ago
- Business
- Zawya
BII backs Egypt's transition into renewable energy hub via $300mln agreements
Arab Finance: British International Investment (BII), the UK's development finance institution and impact investor, signed agreements at a combined value exceeding $300 million to support two renewable energy projects in Egypt, according to an emailed press release. These projects are the 1.1-GW Gulf of Suez Wind Farm and a 1-GW integrated solar and battery storage project with Scatec. The deals come as part of BII's investment plan to boost Egypt's energy transition and build climate-resilient infrastructure that stimulates growth in North African countries. The Gulf of Suez Wind Farm marks Africa's largest onshore wind development, with total investments of $1.05 billion. It is expected to generate over 4,300 gigawatt-hour (GWh) annually, helping to eliminate 2.2 million tons of CO? emissions yearly. BII's $190 million investment comes within a broader $707 million in long-term debt financing with a consortium of development finance institutions (DFIs). The consortium includes the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), the German Investment and Development Company (DEG), the OPEC Fund for International Development, and the Arab Petroleum Investments Corporation (APICORP). The project builds on Egypt's Nexus of Water, Food & Energy (NWFE) program and will create over 10,000 jobs, placing it in the top 30% of BII's power portfolio in terms of employment-to-cost ratio. Additionally, BII inked a contract to co-finance Egypt's first integrated solar photovoltaic (PV) and battery energy storage system (BESS), in partnership with Scatec, AfDB, and EBRD. The $475.6 million project, which represents 80% of the total capital cost, will deliver 1 GW of solar PV capacity and 200 MWh of battery storage. BII will provide a $100 million concessional loan and a $15 million grant to cut the cost of the BESS component and make the project more viable, attracting private investment and setting a model for future deals. Sherine Shohdy, Head of Egypt Office and Coverage Director, BII, commented: "Through our capital partnerships, we are proud to deliver new infrastructure that will provide affordable and reliable, low-carbon power and unlock thousands of green jobs. Our goal is to deliver impact at scale, supporting Egypt's renewable energy ambitions and the resilience of its wider economy." Egypt is a key partner for BII, with an updated portfolio size of more than $708 million, reflecting an ongoing commitment to the region's climate agenda. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Yahoo
3 days ago
- Business
- Yahoo
Working from home: Why the UK leads in Europe and how other countries compare
The UK has the highest rate of telework among 18 European countries, with employees working an average of 1.8 days a week from home. On a wider scale, this total also places the UK second out 40 nations. But, aside from the UK, how do work-from-home (WFH) rates differ across Europe and the world? And what might explain variations between countries? The Global Survey of Working Arrangements (G-SWA) shows that telework trends have evolved since the COVID-19 pandemic. The fourth wave of the survey, conducted between November 2024 and February 2025, covers full-time workers aged 20 to 64 who have completed tertiary education (college or university). While the global telework average stands at 1.2 days per week, WFH rates vary significantly across the 40 countries surveyed, ranging from just 0.5 days per week in South Korea to 1.9 days in Canada. Several factors underpin the UK's top ranking, according to Dr. Cevat Giray Aksoy, lead economist at the EBRD and associate professor of economics at King's College London. 'The UK scores highly on cultural individualism, which is strongly associated with comfort in autonomous work environments,' said Giray Aksoy. Aksoy noted that the UK experienced long and stringent lockdowns, accelerating the adoption of remote work infrastructure and norms. He also explained that the UK's labour market is concentrated in service sectors — such as finance, consulting, and media — where WFH can be a practical option. "Crucially, British workers have developed strong and durable preferences for hybrid work, typically wanting 2–3 WFH days per week. This is no longer a marginal benefit; it's a core expectation," he said. Aksoy warned that firms ignoring this reality may face a serious disadvantage in attracting and retaining talent — particularly when competing with employers in other English-speaking countries that have embraced flexibility. In Europe, Finland (1.7 days) and Germany (1.6 days) followed the UK in the ranking. The WFH rates are also relatively high in Portugal (1.5 days), as well as in Hungary and the Netherlands (both 1.4 days). Employees in Czechia, Italy, and Sweden work from home 1.3 days per week, which is slightly above the global average. Romania, Spain, and Austria align with the global average, each reporting 1.2 remote work days per week. Dr. Aksoy attributes the variation across European countries to a mix of structural, cultural, and economic factors. 'Among these, the most powerful predictor is individualism — a cultural trait that emphasises personal autonomy, self-reliance, and independence over collective goals or close supervision,' he said. Related Remote work: Is it time for workers to go back to the office? Trump's remote work ban: What does it mean for carbon emissions and climate goals? He added that other factors also play a role. These include the severity and duration of COVID-19 lockdowns, population density, and the industrial structure of each economy. For instance, countries with a larger share of remote-friendly sectors such as IT and finance are better positioned to support hybrid models. Densely populated countries also often see higher WFH levels, in part due to longer commutes. Greece reports the lowest WFH rate in Europe at just 0.6 days per week. 'Part of the explanation lies in the structure of the Greek economy, which leans heavily on sectors like tourism, retail, and hospitality — jobs that generally require physical presence,' said Aksoy. 'But deeper cultural and institutional factors also play a role. Greece scores relatively low on individualism,' he added. He stated that digital adoption and management practices were relatively underdeveloped before the pandemic, which likely slowed the normalisation of WFH. While Finland ranks second in Europe with 1.7 remote work days per week, Norway and Denmark report significantly lower rates at just 0.9 days. Sweden, with 1.3 days, sits in between, reflecting a clear divide in remote work trends across the Nordic countries. Aksoy explained that Finland has a slightly more individualistic culture and a long-standing emphasis on work-life balance and employee autonomy compared to Denmark and Norway, which may maintain more traditional management practices. 'Finnish organisations, especially in the public sector and technology industries, were early adopters of flexible work policies — even before the pandemic,' he added. Among Europe's five largest economies, France has the lowest remote work rate, with employees averaging just 1 day per week from home. Turkey follows closely at 0.9 days, while Poland is slightly ahead with 1.1 days. Overall levels of working from home have declined globally, dropping from an average of 1.6 days per week in 2022 to 1.33 days in 2023. In 2024 and 2025, they fell far more modestly to 1.27 days. The research concludes that remote work levels have roughly stabilised since 2023. 'However, this stability doesn't mean stasis. Incremental shifts could still occur — driven by new technologies, changing demographics, or evolving labour market conditions,' Aksoy added.
Zawya
3 days ago
- Business
- Zawya
BII signs $300mln deals to accelerate Egypt's green projects
Cairo - British International Investment (BII) has penned more agreements with a total value exceeding $300 million to support two major renewable energy projects in Egypt. These projects are a 1.10 gigawatt (GW) Gulf of Suez Wind Farm and a 1.10 GW integrated solar and battery storage project with Scatec, according to a press release. The financing comes as part of BII's investment plan to boost Egypt's energy transition and build climate-resilient infrastructure that drives growth in North African countries. Valued at $1.20 billion, the Gulf of Suez Wind Farm project marks Africa's largest onshore wind development, and it is expected to generate 4,500 gigawatt-hour (GWh) annually. This will contribute to eliminating 2.50 million metric tons of CO₂ emissions on a yearly basis. BII's $190 million investment forms part of a broader $704 million in debt financing, with a consortium of development finance institutions (DFIs). The European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), the German Investment and Development Company (DEG), the OPEC Fund for International Development, and the Arab Energy Fund participated in the transaction. The project comes within the framework of Egypt's Nexus of Water, Food & Energy (NWFE) program and will create over 10,000 power-enabled jobs. Moreover, BII signed an agreement to co-finance Egypt's first integrated solar photovoltaic (PV) and battery energy storage system (BESS), in partnership with Scatec, AfDB, and EBRD. The $479.10 million project accounts for 80% of the total capital cost, producing 1.10 GW of solar PV capacity and 200 MWh of battery storage. BII is securing a $100 million concessional loan and a $15 million grant to lower the cost of the BESS component, attracting private investment and developing a model for future deals. The projects align with BII's North Africa climate strategy to enhance climate resilience for future generations. Sherine Shohdy, Head of Egypt Office and Coverage Director of BII, added: 'Through our capital partnerships, we are proud to deliver new infrastructure that will provide affordable and reliable, low-carbon power and unlock thousands of green jobs.' 'Our goal is to deliver impact at scale, supporting Egypt's renewable energy ambitions and the resilience of its wider economy,' Shohdy added. Being a key partner for BII, Egypt has a portfolio size of over $708 million, reflecting its commitment to supporting the region's climate agenda.
Economic Key
3 days ago
- Business
- Economic Key
British International Investment (BII) Signs Over $300 Million Agreements
British International Investment (BII), the UK's development finance institution and impact investor, has signed over $300 million in agreements to support two pioneering renewable energy projects in Egypt – a new 1.1GW Gulf of Suez Wind Farm and a 1GW integrated solar and battery storage project with Scatec. The agreements reflect BII's investment plan to accelerate Egypt's energy transition and build climate-resilient infrastructure that stimulates growth in North African countries. The Gulf of Suez Wind Farm, a $1.05 billion project and Africa's largest onshore wind development, is expected to generate over 4,300 GWh annually, helping to avoid 2.2 million tonnes of CO₂ emissions per year. BII's $190 million investment forms part of a broader $707 million in long-term debt financing with a consortium of development finance institutions (DFIs) including the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), DEG – the German development dinance institution (DFI), the OPEC Fund for International Development, and the Arab Petroleum Investments Corporation (APICORP). The project builds on Egypt's Nexus of Water, Food & Energy (NWFE) programme and will create over 10,000 jobs, placing it in the top 30% of BII's power portfolio in terms of employment-to-cost ratio. BII has also signed an agreement to co-finance Egypt's first integrated solar photovoltaic (PV) and battery energy storage system (BESS), in partnership with Scatec, AfDB, and EBRD. The $475.6 million project – representing 80% of the total capital cost – will deliver 1 GW of solar PV capacity and 200 MWh of battery storage. BII is providing a $100 million concessional loan and a $15 million grant to reduce the cost of the BESS component, making the project more viable, attracting private investment, and setting a model for future deals. With an updated portfolio size of over $708 million, Egypt is a critical partner for BII with the latest agreements reflecting an ongoing commitment to the region's climate agenda. The projects align with BII's North Africa climate strategy, which underscores the role of innovative and scalable renewable energy technologies that enhance climate resilience for future generations. In Morocco, BII backs green hydrogen projects, while in Tunisia, the DFI is identifying opportunities to scale climate-smart agriculture. These efforts collectively promote climate innovation, enabling the private sector's ability to produce, export and share clean energy. Sherine Shohdy, Head of Egypt Office and Coverage Director, BII, added: 'Our latest agreements reflect BII's long-term commitment to Egypt's clean energy transition and our confidence in the country's ability to lead on climate innovation in the region. Through our capital partnerships, we are proud to deliver new infrastructure that will provide affordable and reliable, low-carbon power and unlock thousands of green jobs. Our goal is to deliver impact at scale, supporting Egypt's renewable energy ambitions and the resilience of its wider economy. تم نسخ الرابط
Zawya
5 days ago
- Business
- Zawya
Tunisia: PM highlights importance of expanding cooperation in RE and transport in meeting with EBRD President
Seville - Prime Minister Sarra Zaafrani Zenzri during her meeting on Monday in Seville with President of the European Bank for Reconstruction and Development (EBRD), Odile Renaud-Basso, expressed her desire to expand and diversify cooperation between Tunisia and the EBRD to include such promising sectors as renewable energy and transport, particularly in railways and water. Zenzri emphasised Tunisia's commitment to benefiting from the bank's technical expertise to support public institutions and enterprises and boost partnership, especially by providing financing for small and medium-sized enterprises (SMEs). For her part, EBRD President Odile Renaud-Basso reiterated the bank's commitment to continue supporting Tunisia in its reform efforts and in implementing priority projects. She also praised the climate of trust and the quality and pace of cooperation between the two parties. © Tap 2022 Provided by SyndiGate Media Inc. (
