EBRD, EIB directs $30M to green economy in Egypt through ALEXBANK

The European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB) signed Tuesday a $30-million financing package agreement with ALEXBANK to finance green economy in Egypt.

Under the Green Economy Financing Facility (GEFF), the EBRD is financing $15 million to the program, while the EIB is completing at a later stage the rest of the package. On the other hand, ALEXBANK can lend private companies working in energy efficiency and renewable energy.

The new agreement is deemed the third deal under the GEFF, which is supported by a €23.3 million grant offered by the European Union Neighborhood Investment Facility.

“Comprehensive technical assistance will provide support to ALEXBANK in the design of business development tools and the successful implementation of the energy-efficiency and small-scale renewable energy facility,” EBRD President Suma Chakrabarti said.