Based on mutual co-operation between New and Renewable Energy Authority (NREA) and Banque Misr (BM), an initiative to disseminate Solar Water Heaters in the residential sector in Egypt is under preparation. Such initiative is one of the MED-DESIRE outcomes, which depends on the financial mechanism study done by MED-DESIRE.
In this regard, NREA and BM prepared draft criteria to certify SWHs installers. To assure its suitability to the Egyptian market and ease implementation, NREA hosted a public hearing on August, 25 to the Egyptian Solar Water Heaters Installers.
Through this initiative, residential sector will get loans to finance erecting and using SWHs. In addition, SWHs installers and importer are able to get loans to finance their investments. More than EGP 100 million (around US$ 13 million) will be allocated to these targets.
During the coming weeks, it is expected to announce and launch the initiative officially. Both NREA and BM are targeting the date of the Capitalization event for MED-DESIRE project in Egypt, October 13, 2015.