The EBRD’s Egypt Sustainable Energy Financing Facility (EgyptSEFF), implemented by the National Bank of Egypt (NBE), was completed achieving potential energy savings of 566 GWh per year. The first successful projects implemented under this pilot programme were celebrated and awarded to highlight its completion.
The award ceremony took place in Cairo, on the 2nd of October, 2017, and was hosted by the NBE in its headquarters. The event was attended by representatives of NBE and EBRD as well as the awarded companies and their NBE relationship managers.
Launched in December 2014, EgyptSEFF was the first EBRD credit line fully dedicated to energy efficiency and renewable energy investments in Egypt. A US$30 million loan, with NBE as partner, served as a pilot programme before launching a larger one in 2017.
The EgyptSEFF portfolio included 14 projects covering a wide range of energy intensive sectors, including agribusiness, glass, chemicals, plastics, paper and energy generation. The results demonstrated a vast potential for energy saving with tangible positive impact on the environment as the projects will save 566 GWh of energy and reduce CO2 emissions by 93,000 tons annually.
The pilot represents the beginning of the operations of a new Green Economy Financing Facilities (GEFF) programme of the EBRD, which at the first stage will have a volume of up to €140 million. The goal of the programme is to provide loans for energy efficiency and small-scale renewable energy investments by private companies through a group of participating banks with the aim of improvement of companies’ competitiveness and also achieving energy security.
In addition to providing multicurrency loans worth up to US$5 million dollars per project, EgyptSEFF also offered free technical assistance and investment incentive grants to assist Egyptian businesses in improving their competitiveness while coping with growing energy costs.
The programme received donor support by the EBRD Shareholder Special Fund and the Southern and Eastern Mediterranean Multi-Donor Account. The funds provided US$5 million for incentive payments and €1.5 million for technical assistance.
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