Egypt: Currency the focus of risk for developers

The main outstanding risk facing developers in the feed-in tariff (FiT) programme is whether the government or the Central Bank of Egypt (CBE) will guarantee the convertibility of revenues earned in Egyptian pounds into dollars. Currently, exchange controls are in force and the bank has set quotas and conditions on the quantity of hard currency that can be exported each month. In mid-February, the CBE began to gradually lift some of these restrictions to try to get foreign exchange from the black market back into the banks.