- The initiative to enable companies across Egypt to increase investment to reduce energy and water consumption, improve product quality and increase competitiveness.
- The new $15m EIB framework loan agreed upon with Alexbank is part of the broader GEFF that provides financing for business investment through local financial partners.
The European Investment Bank (EIB) and Alexbank, a bank of Intesa Sanpaolo group, made public on Tuesday the new tranche of $15m renewable and efficiency financing initiative signed under the Egypt-Green Economy Financing Facility (GEFF), aimed at accelerating the economic modernisation and the environmental sustainability through targeted green investment by Egyptian businesses.
Tarek El-Molla has formally announced the targeted business financing scheme on the sideline of the “Europe – Egypt Energy Connectivity Event” at the Embassy of Sweden in Cairo. The Minister of Petroleum and Mineral Resources, Rania Al-Mashat, said the new financing scheme with Alexbank boosts SMEs financing to enhance the efficiency and investments of renewable energy in industrial, commercial, and agricultural sectors.
This comes in light of the framework agreement signed between the government and the European Investment Bank to promote the development cooperation that aims to create job opportunities and provide innovative solutions to achieve the country’s development goals and a larger role for the private sector.
The new $15m EIB framework loan agreed upon with Alexbank is part of the broader GEFF that provides financing for business investment through local financial partners. The initiative to enable companies across Egypt to increase investment to reduce energy and water consumption, improve product quality and increase competitiveness, as unveiled at Egypt – Europe Energy Interconnectivity dialogue, bringing together Egyptian and international business partners to see how to address challenges related to the global energy crisis and climate change.
In Egypt, the GEFF initiative provides finance and best-practice advice to help private sector businesses improve competitiveness. The new financing scheme, jointly backed by the EBRD, is supported by the European Union through a Neighbourhood Investment Facility grant to incentivise uptake and provide technical assistance to help identify, evaluate, and monitor eligible investment projects.