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Sunday, 11 October 2020

Egypt’s Alexandria Petroleum is going greener with USD 250 mn EBRD loan

DEBT WATCH- Alexandria Petroleum going greener with USD 250 mn EBRD loan: The European Bank for Reconstruction and Development (EBRD) will provide state-owned Alexandria Petroleum Company (APC) with a USD 250 mn sovereign loan to partially finance USD 647 mn in water and energy efficiency upgrades at the company’s diesel refinery, according to an EBRD statement. The project will bring operations at the facility in line with European environmental safety standards and reduce emissions, the bank said. Raising the quality of fuel produced by the refinery will cut down on greenhouse gases, while the construction of a new wastewater treatment facility aims to lower the risk of seawater pollution and a new energy management system will help to reduce fuel consumption.

Speaking of development financing: The German Development Bank’s (KfW) Sanad Fund plans to grant a USD 30 mn loan to an unnamed local bank before the end of the year for on-lending to SMEs, Mohamed Morsy, Egypt manager of impact investor Finance in Motion, told Al Mal. Finance in Motion is a consultant to Sanad in Egypt. KfW is currently waiting for approval, Morsy said, without disclosing the name of the bank. The Sanad Fund has this year extended two USD 15 mn loans to Banque du Caire and the Export Development Bank of Egypt to on-lend to SMEs and agribusinesses.

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