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Denys Bédarride
Wednesday 18 November 2020 Last update on Wednesday, November 18, 2020 At 7:40 PM

The Green Climate Fund, the EBRD and the EU will allocate € 220 million to local banks to finance the adoption of green solutions by SMEs. This funding is part of the post-covid-19 economic recovery.

Egyptian banks will have access to financing of 220 million euros which will be allocated to small and medium-sized enterprises (SMEs) carrying green projects. It is provided by the Green Climate Fund (GCF), the European Union (EU) and the European Bank for Reconstruction and Development (EBRD) as part of the country’s post-covid-19 economic recovery.

The funds will be allocated through two programs. The first, called “Green value chain”, allows SMEs to invest in climate change vulnerability mitigation and adaptation solutions in order to be competitive.

The second initiative is an extension of the Green Economy Finance Mechanism to benefit businesses active in agriculture, construction, trade and industry. This mechanism has already enabled the allocation of $ 140 million to Egyptian companies.

SMEs that benefit from this financing will be able to acquire efficient energy and water solutions, and agricultural irrigation equipment.

Source Ecofin Agency