The European Bank for Reconstruction and Development (EBRD), the European Union (EU) and the Green Climate Fund (GCF) are providing new funds under the Green Economy Financing Facility programme (GEFF) in Egypt to support green programmes and investments for the private sector.
A total of US$ 175.5 million will be made available to local financial institutions to on-lend to the private sector for investments in climate change mitigation and adaptation projects, supporting decarbonisation and competitiveness of the Egyptian economy.
Egypt is among the largest energy producers and suppliers in Africa. It is also one of the most populated countries in the region with more than 100 million inhabitants. Demand for water and energy is growing due to climate change and rapid population growth.
The new GEFF programme is addressing these challenges by encouraging micro, small and medium-sized enterprises (MSMEs) to invest in green and innovative technologies that promote the efficient use of water, sustainable land management, the circular economy and resource efficiency. The programme also offers an integrated technical assistance package and financial incentives from the EU and concessional co-financing from the GCF.