First Industrial Energy Efficiency Fund (IEEF) in Egypt Launched
April 15, 2019:- Cairo, Egypt: RCREEE and the Egyptian Environmental Affairs Agency (EEAA) organized a launching event of the Industrial Energy Efficiency Fund (IEEF) in Egypt.
IEEF is an innovative financial instrument that supports the delivery of technical services to industrial facilities in Egypt to achieve energy efficiency. This is first of its kind Fund in Egypt, which serves as a continuation of United Nation Industrial Development Organization (UNIDO) project “Industrial Energy Efficiency in Egypt” project (“IEE Project”), financed by the Global Environment Facility (GEF) and implemented during the period June 2012 to September 2018.
RCREEE is RCREEE has been contracted to act as a Fund Manager for the Industrial Energy Efficiency Fund under the project “Establishment of an industrial energy efficiency fund (IEEF) in Egypt. The project is implemented in cooperation with EEAA and with the financial support of the United Nations Industrial Development Organization (UNIDO).
During the event, RCREEE team introduced “Energy Management Assistance” (EnMA) which is a subsidized service to support industries in increasing their energy efficiency. EnMA service will enable industries to identify their energy consumption, and costs, to support them in filling the gap between the existing Energy system and a new improved Energy Management System.
“We are very excited to introduce this fund mechanism today. We believe this will help many industrial facilities in Egypt to improve their efficiency and electricity consumption. We are looking forward to receiving application forms from all eligible industrial entities and pushing further energy efficiency wheel in the industrial sector.” said RCREEE Executive Director, Dr. Ahmed Badr.
The event welcomed a diversified mix of attendees including governmental representatives, UNDIO, EEAA, industries representatives and media partner.
For more details about IEEF, please click here