EBRD to lend QNB Al Ahli $50mln

The loan is pending approval on July 14

  
An customer exchanges U.S. dollars to Egyption Pounds in a foreign exchange office in central Cairo, Egypt, November 3, 2016.

An customer exchanges U.S. dollars to Egyption Pounds in a foreign exchange office in central Cairo, Egypt, November 3, 2016.

REUTERS/Mohamed Abd El Ghany

ArabFinance: The European Bank for Reconstruction and Development (EBRD) will lend QNB Al Ahli a total of $50 million to support green and renewable energy projects, according to the bank’s statement.

The loan is pending approval on July 14th.

The loan offers a combination of longer-term financing and technical expertise into a package that promotes targeted investment in sustainable energy, in the highly diversified private sector in Egypt.

It also supports the Green transition quality through the provision of funding and technical assistance to financial intermediaries to promote private sector micro, small and medium-sized enterprises (MSMEs) investments in efficient climate change mitigation and adaptation technologies.

The loan will enable QNB Al Ahli to support on-lending to private sub-borrowers for green, energy efficiency and renewable energy projects, which are of particular relevance in the context of the high energy intensity of Egypt's economy.

It will also support high-performance technologies and services supporting a green economy.

Sub-borrowers include MSMEs and individual households that operate across the residential, agribusiness, industrial, commercial and service sectors.

On June 6th, EBRD announced that it will lend the National Bank of Egypt (NBE) $100 million to support green efficiency, climate change mitigation and the introduction of adaptation technologies.

QNB Al Ahli is a commercial bank incorporated in Egypt. It is the fourth-largest Egyptian bank by asset size and the second-largest private bank.

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