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Sunday, 9 February 2020

EBRD, QNB Alahli agree USD 82 mn climate finance package

EBRD commits fresh capital to climate finance in Egypt: The European Bank of Reconstruction and Development (EBRD) and QNB Alahli have agreed a USD 82 mn financial package to fund green and SME-led projects in Egypt, the EBRD said in a statement. The package consists of a USD 17 mn loan provided through the Green Economy Financing Facility for Egypt, two loans worth USD 54 mn (including USD 13.5 mn co-financed by the Green Climate Fund), and a USD 11.3 mn loan designated for small businesses. QNB will lend the funds to local companies investing in climate change mitigation, renewable energy, and sustainable land management. The EU, the EBRD’s SEMED Multi-Donor Account, and the Green Climate Fund will contribute USD 12.1 mn towards the package.

EBRD offered the National Bank of Egypt a USD 100 mn green facility back in December designed to finance green SME projects including “high-performing technologies that improve the use of energy, water and land resources,” citing examples including “thermal insulation, photovoltaic solar panels, geothermal heat pumps and water-efficient irrigation system.”

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