EBRD, EIB directs $30M to green economy in Egypt through ALEXBANK

CAIRO – 14 November 2017: The European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB) signed Tuesday a $30-million financing package agreement with ALEXBANK to finance green economy in Egypt.

Under the Green Economy Financing Facility (GEFF), the EBRD is financing $15 million to the program, while the EIB is completing at a later stage the rest of the package. On the other hand, ALEXBANK can lend private companies working in energy efficiency and renewable energy.

The new agreement is deemed the third deal under the GEFF, which is supported by a €23.3 million grant offered by the European Union Neighborhood Investment Facility.

“Comprehensive technical assistance will provide support to ALEXBANK in the design of business development tools and the successful implementation of the energy-efficiency and small-scale renewable energy facility,” EBRD President Suma Chakrabarti said.

The €23-million in grants provided by the EU are to help dismantle barriers that the private sector faces and that prevent financial institutions, strategic investors and project managers from operating actively and efficiently in financing, EU Ambassador to Egypt Ivan Surkoš said.

“Through this initiative we aim to help save energy and reduce harmful emissions in line with the EBRD’s Green Economy Transition approach and with ALEXBANK’s strategy to favour sustainable and environmentally friendly development of the Egyptian economy,” CEO of ALEXBANK Dante Campioni said.