GGF Obtains CBE's Approval to Provide Support Loans to Banks

The Green for Growth Fund (GGF) announced that it has obtained the approval of the Central Bank of Egypt to provide support loans to banks in Egypt "Tier II Capital"; to finance renewable energy, energy efficiency and resource efficiency projects.

GGF stated, in a press release today, that this approval will enable the fund to inject support loans to banks in Egypt by strengthening their capital bases in order to increase the growth and development of their businesses, expand support for various economic sectors in light of the economic difficulties amid the pandemic and thus expand the financing of renewable energy projects through financial infrastructure.

The fund stressed that it works to reduce the use of energy emissions, and seeks to achieve this goal by providing dedicated financing to companies and households in 17 countries in Southeast Europe, the Eastern European and the Middle East and North Africa since 2016 and by investing in financial institutions committed to serving renewable energy projects.

Olaf Zemelka, Chairman of the Board of Directors of the GGF said that the approval of the CBE will help them increase and grow their business volumes strongly, noting that this approval will also help the banks to expand the financing of projects that reduce energy consumption and renewable energy projects.

The chairman pointed out that modernizing industrial processes in particular is the key to curbing carbon emissions and protecting the climate in light of these difficult times that the region is going through, in terms of global warming, and the pandemic.