EBRD promotes energy efficiency and renewable energy in Egypt
September 13, 2021
The European Bank for Reconstruction and Development (EBRD) is boosting renewable energy and energy efficiency in Egypt with a US$ 25 million loan to the National Bank of Kuwait Egypt (NBKE). Fifteen per cent of the total loan amount is being co-financed by the Green Climate Fund (GCF).
TheEuropean Union (EU) will support the financing to NBKE with up to €2,560,000 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.
The funds will be on lent to Egyptian small and medium size enterprises (SMEs) and households to finance investments to mitigate the impacts of climate change. The application of new technologies is expected to promote the transition to an environmentally sustainable, low-carbon and climate resilient economy in Egypt.
Egypt is a founding member of the EBRD. To date, the Bank has invested €7.7 billion in the country through 132 projects. Promoting the green economy transition in Egypt by supporting efforts to diversify its energy mix and energy-efficiency investments is one of the Bank’s priorities in the country.