Egypt: EBRD granted € 21.2 million loan to National Bank of Kuwait (NBK) to support Egyptian SMEs and households against climate change
#Economy #Environment #Europe #EGYPT
Agence Ecofin
Wednesday 15 September 2021 Last update on Wednesday, September 15, 2021 At 12:16 PM

The European Bank for Reconstruction and Development (EBRD) has granted a loan of € 21.2 million to the National Bank of Kuwait (NBK). This funding will help promote renewable energies and energy efficiency in Egypt.

The funds will be loaned to small and medium-sized enterprises (SMEs) and Egyptian households to finance projects that will mitigate the effects of climate change. The aim is to deploy new technologies to support the transition to a sustainable, low-carbon and climate-resilient economy in Egypt.

According to the EBRD, 15% of the total loan amount is co-financed by the Green Climate Fund (GCF). The partnership between the GCF and the EBRD has already enabled the Fund to support six Bank programs, to the tune of € 704.9 million, catalyzing more than € 3 billion in total project value.

The European Union (EU) is also supporting the initiative with € 2.5 million of EU funds for incentive payments to projects that are successfully implemented and verified. In addition, it plans to provide technical assistance of up to € 6.2 million to all participating financial institutions and their clients.

In addition, the EBRD has already invested € 7.7 billion in Egypt through 132 projects. It intends to support efforts to diversify the energy mix and investments in energy efficiency in the country.

With the Green Economy Finance Facility (GEFF), the EBRD provides finance and advice to private sector companies to support Egypt’s transition to a green economy. Part of the initiative’s € 150 million envelope will benefit the NBK.

The European Bank for Reconstruction and Development (EBRD) has granted a loan of € 21.2 million to the National Bank of Kuwait (NBK). This funding will help promote renewable energies and energy efficiency in Egypt.

The funds will be loaned to small and medium-sized enterprises (SMEs) and Egyptian households to finance projects that will mitigate the effects of climate change. The aim is to deploy new technologies to support the transition to a sustainable, low-carbon and climate-resilient economy in Egypt.

According to the EBRD, 15% of the total loan amount is co-financed by the Green Climate Fund (GCF). The partnership between the GCF and the EBRD has already enabled the Fund to support six Bank programs, to the tune of € 704.9 million, catalyzing more than € 3 billion in total project value.

The European Union (EU) is also supporting the initiative with € 2.5 million of EU funds for incentive payments to projects that are successfully implemented and verified. In addition, it plans to provide technical assistance of up to € 6.2 million to all participating financial institutions and their clients.

In addition, the EBRD has already invested € 7.7 billion in Egypt through 132 projects. It intends to support efforts to diversify the energy mix and investments in energy efficiency in the country.

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