CAIRO - 17 February 2022: Green for Growth Fund (GGF) provided a subsidy loan to Banque du Caire with a value of $30 million.
The loan aims to strengthen the capital base and enhance the bank's ability to finance its clients, as Banque du Caire is a strategic partner of the Fund as one of the largest banks operating in the Egyptian market.
According to a statement by the bank, Tarek Fayed, Chairman and CEO of Banque du Caire, expressed his pride in partnering with the fund with regard to green finance initiatives, as the bank believes in the importance of supporting the state’s plans towards achieving sustainable development and achieving Egypt’s vision 2030, which reflects the confidence of international investors in the bank.
Fayed stressed that the bank was keen to expand financing operations for various vital sectors, most notably the clean energy sector, with the aim of rationalizing energy consumption, reducing the impact of environmental challenges, and improving the efficiency of the use of natural resources in support of the transition towards a green economy.
For his part, Olaf Zymelka, Chairman of the Board of Directors of the GGF, said that Banque du Caire has been a strategic partner of the fund since 2017, and therefore we are particularly proud of this new achievement, which will strengthen and unify our efforts towards energy efficiency through fruitful cooperation with partners of size and prestige. Banque du Caire, which contributes to making important changes to preserve the environment in Egypt.
This financing is the first support loan of its kind granted by the Fund to any of the Egyptian banks after obtaining the license from the Central Bank of Egypt recently. It will also contribute to supporting the plans of the Bank and the Green Fund for Development to mitigate the challenges of climate change and promote sustainable economic growth in Egypt.