Egypt - The second round of the Green Economy Financing Facility (GEFF) Program for Egypt has been launched at a value of $175 million, according to a statement by the Ministry of International Cooperation on January 31st.

The estimated amount under the second round of the GEFF, a program developed by the European Bank for Reconstruction and Development (EBRD), will be directed to micro-, small-, and medium-sized enterprises (MSMEs) and to empower the private sector.

Under the first round of the program, facilities worth $157 million were provided for a number of financial institutions to fund 101 projects to ramp up green transition and reduce carbon emissions.

EBRD dedicated €1.3 billion in development financing for Egypt in 2022, international cooperation minister Rania Al-Mashat said, noting that these funds were injected into around 25 projects aiming at supporting green economy, promoting sustainable development, and reinforcing social inclusion.

Al-Mashat added that 70% of EBRD’s investments in Egypt were pumped into the private sector through international partnerships, with 59% of the financings direct to bolster digital transformation and 62% to build on social inclusion and youth and women empowerment.

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