EBRD provides $82mln finance for green investments in Egypt

Cairo –   European Bank for Reconstruction and Development (EBRD) has provided an $82 million financial package to Qatar National Bank Al Ahli for on-lending to enterprises in Egypt, according to a statement released on Thursday.

The package includes $17 million loan under the Green Economy Financing Facility (GEFF) for Egypt, two loans of up to $54 million cumulatively, of which $13.5 million is co-financed by the Green Climate Fund (GCF), along with a loan of up to $11.3 million for small businesses.

“The agreement signed today will reinforce the role of the private sector in increasing energy efficiency and reducing emissions. This will contribute towards building a resilient environment and making the country’s economy more competitive,” the EBRD’s first vice president Jurgen Rigterink commented.

Moreover, QNB Alahli will on-lend the EBRD’s funds to private companies in Egypt to be invested in climate change mitigation and adaptation measures through the reduction of energy and water usage, sustainable land management, or renewable energy.

“The development of the SME segment, Egypt’s international trade, as well as the promotion of the green economy are key elements for the development of the Egyptian economy and are in line with our ambition for our country,” QNB Alahli’s chairman Mohamed El Dib said.

Since the start of its operations in Egypt, the EBRD has invested over EUR 6 billion in 115 projects in the country.