Back to the complete issue
Sunday, 14 November 2021

More green finance for SMEs, courtesy of the EBRD

Banque Misr in line for more EBRD climate financing: The European Bank for Reconstruction and Development (EBRD) could soon sign off on a USD 100 mn facility to state-owned Banque Misr to finance local SMEs working on green projects, according to the lender’s website. The state-owned bank will on-lend the money to small businesses in manufacturing as well as the retail, transport and agricultural sectors that use “climate change mitigation and adaptation technologies,” it says. The EBRD is scheduled to give its final approval for the unsecured financing on 15 December. The institution has been committing more financing to green projects in Egypt and elsewhere in the developing world under its recently-announced Green Cities Compact scheme.

The EBRD has been particularly active in SME lending for green projects, with its green economy financing facility (GEFF), which has been up and running in Egypt since 2017 and has channeled some EUR 140 mn to green investments by private companies through local banks. An EUR 150 mn extension, financing business in agriculture, construction and manufacturing, was announced in November 2020. The EBRD greenlit a USD 25 mn loan to the National Bank of Kuwait Egypt in April, a USD 50 mn loan to QNB AlAhli in June, and had said it was considering a USD 22 mn loan for green projects to Ahli United Bank Egypt.

OTHER DEBT NEWS- Tatweer Misr will borrow EGP 3.5 bn to finance its Monte Galala and Bloomfields projects, CEO Ahmed Shalaby said, according to Amwal Al Ghad. Shalaby told CNBC Arabia last week that the company will borrow that amount in January.

EDITOR’S NOTE- This story was corrected on 14 November to remove the National Bank of Egypt and AAIB as the two banks providing Tatweer with the loan. 

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.