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Wednesday, 11 November 2020

SMEs to receive EUR 220 mn green funding boost from EBRD

Egyptian SMEs who want to go green could be in line for a piece of EUR 220 mn in financing through two on-lending programs from the European Bank for Reconstruction and Development (EBRD), the EU and the Green Climate Fund (GCF), the EBRD said in a press release yesterday. The Green Value Chain program will provide EUR 70 mn to SMEs to invest in “climate mitigation and adaptation solutions,” while the EUR 150 mn extension of the Green Economy Financing Facility (GEFF) will finance businesses in agriculture, construction and manufacturing.The GEFF has channelled EUR 140 mn to businesses through the National Bank of Egypt, Alexbank, Arab African International Bank, and QNB Al Ahli since its launch in 2014. The bank did not disclose which banks it would work with to disburse the latest round of financing.

Bank to finalize two more green projects this year: The EBRD plans to ink agreements by the end of the year to fund two green projects worth EUR 100 mn, one in Kom Ombo in Aswan and the other in El Reyah in Menoufia, EBRD Deputy Regional Director Khaled Hamza tells Masrawy. Building a greener economy has been a policy priority for the EBRD, saying in its latest Transition Report that transitions to a green economy in the post-covid-19 recovery must be a priority for its regions.

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