Back to the complete issue
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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.