Friday 13 November 2020

EBRD, EU and partners join forces to green Egyptian businesses

The European Bank for Reconstruction and Development (EBRD), the European Union and the Green Climate Fund (GCF) have joined forces to provide loans to financial institutions in a bid to boost green investments from businesses in Egypt.

Two programmes cumulatively worth €220 million (£196m) 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 (£26.7m) and GCF co-financing of up to $24 million (£18.2m).

Advanced technologies, climate mitigation solutions and activities that enhance equal opportunities for men and women to access finance for green technologies will be supported by the funding.

Heike Harmgart, EBRD Managing Director for the Southern and Eastern Mediterranean region, said: “Egypt has great potential to build a low carbon future and we are proud to work with our international partners to support the country in achieving a green economic recovery.

"The private sector is a key player in this process and has a strong demand for green finance."