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The Green Climate Fund is set to start disbursing its contribution to a $1 billion renewable energy drive in Egypt next month.

It signed a deal with the European Bank for Reconstruction and Development (EBRD) on Thursday, clearing the last legal hurdle to get money flowing.

In the biggest project GCF has funded to date, it will supply up to $150 million worth of loans and a $4.7m grant. The EBRD, which is responsible for implementing the project, is putting in a $2.3m grant and $350m of loans. Other international development banks and private sector players are expected to match that investment.

The money will support the Egyptian government’s target of generating 20% of electricity from renewable sources – wind, hydro and solar – by 2022. The money will be used to fund technical assistance with policy and planning, and encourage investors to enter the clean energy market.

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