Egyptians Obtained EGP 203 Million in Loans to Switch to Clean Energy

New data from the Egyptian Financial Supervisory Authority (EFSA) reveals that between January and April of 2023, Egyptian citizens obtained financing worth EGP 203.2 million from various installment companies to purchase renewable energy solutions.

Additionally, the number of beneficiaries of consumer financing activity in Egypt rose to 1.131 million Egyptians, who obtained financing worth EGP 13.1 billion until the end of April, with a growth rate of 24.4% in the number of customers and 43.1% in the value of financing. During April alone, 276.9 thousand Egyptians obtained financing worth EGP 2.9 billion from installment companies.

The government has been encouraging citizens to switch to cleaner energy sources by supporting and encouraging more solar energy projects with net metering and self-consumption systems. The aim is to expand the installation of solar energy panels on rooftops across Egypt. Consumer financing has played a crucial role in this initiative, allowing more citizens to afford clean energy solutions that might not have been accessible to them otherwise.