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TunisiaEBRD, donors and Crédit Agricole Egypt boost green investments in Egypt
The European Bank for Reconstruction and Development (EBRD) is boosting small businesses and green investments in Egypt with a loan of US$ 20 million (ca.€18.5 million equivalent) to Crédit Agricole Egypt, one of Egypt’s largest commercial banks and a subsidiary of Crédit Agricole Group. The loan, which includes US$ 3 million of concessional finance from the Green Climate Fund (GCF), will be used for on-lending to local small and medium-sized enterprises (SMEs) and households.
The financing for Crédit Agricole Egypt will be supported by the European Union (EU), with up to €2.05 million for incentive payments for successfully implemented and verified projects. The EU will also provide a comprehensive technical assistance package of up to €6.2 million for all participating financial institutions and their clients, and for policy dialogue.
Crédit Agricole Egypt is the fourth bank in Egypt to benefit from a loan under the GCF GEFF Regional Egypt Framework, the second Green Economy Financing Facility (GEFF II) in the country.
Fostering green growth and environmentally responsible business practices is an integral part of Crédit Agricole Group’s strategy. It also aligns with the Group’s commitment to supporting the energy transition by designing a green finance path that better serves the needs of its clients across the globe.
This is the first programme of its kind in Egypt and in the wider southern and eastern Mediterranean (SEMED) region to have both a retail and a residential segment.
Countries covered:
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Egypt
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