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Sunday, 6 June 2021

More green lending, courtesy of the EBRD

The European Bank for Reconstruction and Development (EBRD) will lend the National Bank of Egypt (NBE) USD 100 mn to on-lend to green projects, the EBRD said in a statement (pdf). The money will be used to help businesses make more efficient use of energy, water and land, as well as fund “high-performing technologies,” the bank said. The state-owned bank will also benefit from the facility, which will see it work with the EBRD to improve climate corporate governance.

This is the third loan the NBE has landed from the EBRD under a green economy financing facility set up by the EBRD, the European Investment Bank and the French Development Agency in 2017 to channel finance to green projects in Egypt. The EBRD had extended a USD 100 mn loan to the bank in June 2020 to support SMEs facing liquidity issues due to covid-19, as well as another USD 100 mn increase to its trade finance program. The EBRD had previously provided a USD 150 mn loan for SMEs in December 2019.

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