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The International Finance Corporation (IFC), the investment arm of the World Bank Group, has signed a deal with Banque Misr to allocate $150 million for Egypt’s green finance sector.
The financing agreement aligns with efforts to lower carbon emissions and close the financing gap faced by micro, small and medium enterprises (MSMEs), the backbone of Egypt’s private sector.
It is also expected to generate more employment, foster entrepreneurship and support the country’s economy. Sectors likely to benefit from the funding commitment are banking and finance, specifically sustainable lending; construction (for green building certified projects), energy, transport; and retail and manufacturing.
Under the agreement, the Egyptian bank will receive the target funds, which in turn will boost financing for small businesses and climate-related projects. The focus will be on energy efficiency, green transportation, green building and renewable energy.
"We reaffirm our commitment to accelerating Egypt’s green transition, while promoting opportunities for women and MSMEs," said Sheikh Omar Sila, IFC’s Regional Director for North Africa and the Horn of Africa.
(Writing by Cleofe Maceda; editing by Seban Scaria)
