The European Bank for Reconstruction and Development (EBRD) stated that it will provide financing for small projects and green investments in Egypt as part of measures to mitigate climate change.
The Bank said in a statement on Thursday that it will provide a $ 82 million financial package for the Qatar National Bank (QNB) to re-lend for projects that invest in mitigating the effects of climate change in Egypt, including the reduction of energy and water use.
The European Bank stated that the financing package will be distributed on a loan of $ 17 million in the framework of the Green Economy Funding Facility for Egypt, and two loans worth up to $ 54 million, including $ 13.5 million in co-financing from the Green Climate Fund.
EBRD added that the package also includes a loan amounting to $ 11.3 million for small projects.
According to the bank’s agreement with the National Bank of Egypt (NBE), the latter will re-lend the financing provided by the “European Reconstruction”, the financing will be supported through a technical assistance package worth $ 3.1 million and grants of $ 9 million provided by the European Union, and the multi-donor account for the bank’s southern and eastern Mediterranean region European Reconstruction and Development (Australia, Finland, France, Germany, Italy, the Netherlands, Norway, Spain, Sweden, Taipei, China and the UK) and the Green Climate Fund.
Jürgen Rijtrenk, the first vice-president of the European Bank for Reconstruction and Development, said that the signed agreement will enhance the role of the private sector in increasing energy efficiency and reducing emissions, and contribute to building a flexible environment and make the country's economy more competitive.
The Green Economy Finance Facility for Egypt operates through a comprehensive network of more than 140 local financial institutions in 26 countries, supported by nearly 4.2 billion euros of European Bank funding for reconstruction and development for 13,000 clients since its inception.
It is noteworthy that green economy projects led to an annual reduction of carbon dioxide emissions by more than 7 million tons.
The partnership between the Green Climate Fund (GCF) and the EBRD saw the support of 6 projects with a value of $ 830 million, providing more than $ 3.6 billion of the total project value.
It is noteworthy that Egypt is a founding member of the EBRD, and since the bank started operations in Egypt in 2012, the bank has invested more than 6 billion euros in 115 projects in the country.
Areas of the European Bank investment for reconstruction and development in Egypt include the financial sector, agricultural industries, manufacturing and services, in addition to infrastructure projects such as energy, water and municipal sanitation services, and contributions to raising the level of transportation services.
The European Bank for Reconstruction and Development said in January that it had contributed $ 60 million in investments to the Infinity Energy, an Egyptian private sector company.
Follow the latest news on Google News
