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Thursday, 28 July 2022

Tamweely is getting into green financing

Microfinance player Tamweely is rolling out green financing products geared towards eco-friendly projects in the agriculture sector, the company said yesterday (pdf). The products will focus on providing finance to farmers and owners of small factories to help them install solar panels as an alternative to diesel and other fossil fuels, said Saad Khaled, CEO of consultancy Ezdaher, which helped Tamweely introduce the green financing products.

More and more entities are getting in on green financing in Egypt: The European Bank for Reconstruction and Development (EBRD) recently signed off on a USD 100 mn facility to state-owned Banque Misr to finance local SMEs working on green projects last year. 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.

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