EBRD, donors and QNB ALAHLI boost green investments in Egypt
August 17, 2021
The European Bank for Reconstruction and Development (EBRD) is boosting small businesses and green investments in Egypt with a US$ 50 million loan to QNB ALAHLI, one of Egypt’s largest commercial banks. The loan, which includes US$ 7.5 million of concessional finance from the Green Climate Fund, will be used for on-lending to households and local small and medium-sized enterprises (SMEs).
The European Union (EU) will support the financing to QNB ALAHLI with up to €5.128 million of EU funds for incentive payments to projects that are successfully implemented and verified. The EU will also provide a comprehensive technical assistance package of up to €6.2 million for all participating financial institutions and their clients, as well as for policy dialogue.
To date, the cooperation between the EBRD and QNB ALAHLI on various projects is worth more than US$ 720 million cumulatively, and has a special focus on SMEs, women-led businesses and green financing.
Egypt is a founding member of the EBRD. Since the start of its operations there in 2012, the Bank has invested more than €7.7 billion in 132 projects in the country. The EBRD’s areas of investment include the financial sector, agribusiness, manufacturing and services, as well as infrastructure projects such as power, municipal water and wastewater services, and contributions to the upgrade of transport services.