EBRD, EU and partners boost green finance in Egypt
The European Bank for Reconstruction and Development, the European Union and the Green Climate Fund are boosting green finance and the development of value chains for the private sector in Egypt in response to the impact of the coronavirus pandemic.
Working with the EBRD’s local partner banks, two programmes cumulatively worth €220 million will offer sub-loans to businesses for green investments in energy, water and resource-efficient solutions. The programmes are complemented by EU grants of more than €30 million and GCF concessional co-financing as well as technical assistance of up to $24 million.
The newly launched Green Value Chain programme, with a volume of up to €70 million, will allow small and medium-sized enterprises to invest in advanced technologies and climate mitigation. The programme also supports activities that enhance equal opportunities for men and women to access finance for green technologies and solutions.
The second programme, an extension of the Green Economy Financing Facility, aims to provide up to €150 million of green finance to SMEs across the agricultural, construction, commercial and manufacturing sectors. The facility has already provided €140 million of energy efficiency financing in a previous phase through four partner banks, NBK Egypt, QNB Alahli, Alexbank and Arab African International Bank, all of which benefited from EU grants.
