Under the Green Economy Financing Facility, the European Bank for Reconstruction and Development (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 US$ 30 million. The EBRD is providing a financing facility of up to US$ 15 million to ALEXBANK for on-lending to private companies for energy-efficiency and renewable energy projects. The EIB is expected to join the facility with an additional US$ 15 million 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 in Egypt, a comprehensive programme for sustainable energy investment through financial institutions, supported by a €23.3 million grant provided by the European Union Neighbourhood Investment Facility .
Read the full story here.