ArabFinance: The Central Bank of Egypt (CBE) has granted German development bank KfWs Green for Growth Fund (GGF) a license to act as a tier-two lender in Egypt, the fund announced in a recent statement.

The license will see GGF provide loans to Egyptian banks to help finance energy efficiency, resource efficiency and renewable energy projects.

The GGF is a public-private partnership fund initiated by the European Investment Bank and KfW that finances green projects in 19 countries, both directly and to financial institutions for on-lending. It has made EUR 99 million in sub-loan investments in Egypt since its founding in 2009.

It has previously provided National Bank of Egypt, Alexbank, and Banque du Caire with facilities of $10-30 million to finance local green projects.

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