EIB grants $15 mln loan to ALEXBANK for Egypt's SMEs green projects

The funding is part of the Egypt-Green Economy Financing Facility (GEFF) initiative, meant to drive economic modernization and environmental sustainability by providing loans to Egyptian businesses, with a particular focus on small and medium-sized enterprises (SMEs).

GEFF, jointly supported by the EIB and the European Bank for Reconstruction and Development (EBRD), is an initiative that offers financing for business investments through local financial partners.

The announcement was made on the sidelines of the Europe-Egypt Energy connectivity Event at the Swedish Embassy in Cairo in the presence of the Minister of Petroleum Tarek El-Molla, Minister of International Cooperation Rania Al-Mashat (via video conference), Christian Berger, the ambassador of the EU Delegation in Egypt, and Håkan Emsgård, the Swedish ambassador.

The newly provided finance by GEFF will empower businesses across the Egyptian market to secure investments aimed at reducing energy and water consumption, enhancing product quality, and boosting competitiveness.

Al-Mashat emphasised that this cooperation aligns with the country's current priorities and efforts to expand private sector engagement in development initiatives.