The National Bank of Egypt has announced that it will give low interest loans to hotels throughout southern Sinai andRed Sea provinces that are commited to switching to renewable energy, according to local press. The move comes in advance of crippling energy shortages during the hottest time of the year.
When temperatures rise from May to October, so too does energy consumption as Egyptian residents fire up their air conditioners.
But Egypt is already running at a chronic energy deficit and consumption spikes cause widespread cuts – at great cost to the local economy.
Particularly hard hit is the tourism industry, which is so crucial to the country’s bottom line.
In order to secure tourism against energy shortages, the bank has entered into an agreement with the Solar Energy Development Association (SEDA) to empower hotels to switch to renewable energy.
See on www.greenprophet.com