EBRD and the European Investment Bank (EIB) are planning to support energy-efficient and renewable energy investment in Egypt through a financing package to ALEXBANK in the amount of up to $30m under the Green Economy Financing Facility (GEFF) for Egypt. EBRD is providing a financing facility of up to $15m to ALEXBANK for on-lending to private companies for energy-efficiency and renewable energy projects. EIB is expected to join the facility with an additional $15m in financing at a later stage and to team up with EBRD to further strengthen sustainable energy measures in Egypt.
The finance line is the third extended under GEFF Egypt, a comprehensive programme for sustainable energy investment through financial institutions, supported by a €23.3m grant provided by the European Union Neighbourhood Investment Facility.
Dante Campioni, managing director and CEO of ALEXBANK, said, “This agreement with the EBRD, supported by funds from the European Union Neighbourhood Investment Facility, comes within the framework of ALEXBANK’s strategy. It aims to support efficient and environmentally sustainable investments by providing attractive funding solutions, coupled with training and capacity-building, to foster the implementation of projects in this vital area.”