Cairo - Mubasher: The European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB) on Tuesday announced that they are setting up a plan to upgrade renewable energy efficiency in Egypt.
In pursuit of this goal, the two lenders evenly provided $30 million financing to ALEXBANK as part of the Green Economy Financing Facility (GEFF) for Egypt.
“We are very pleased to further support energy efficiency in Egypt with this Financing Package to ALEXBANK”, said EBRD President Suma Chakrabarti.
The $30 million will be divided into $15 million financing facility to lend private companies operating in renewable energy, and another $15 million in financing at a later stage to fund the final phase of the plan, according to EBRD’s statement.
The investment plan includes providing the required tools and equipment in order to make headway towards enhancing renewable energy efficiency in Egypt.
“This agreement with the EBRD, supported by funds from the European Union Neighbourhood Investment Facility, comes within the framework of ALEXBANK’s strategy,” said Dante Campioni, managing director and CEO of ALEXBANK.
The EBRD's total EBRD investments in Egypt reached EUR 3 billion into around 66 projects across a slew of fields such manufacturing and services, infrastructure projects, transport services and others.
Last month, the EBRD opened its second office in Egypt in the coastal city of Alexandria in an effort to increase its schemes and projects to boost development in Egypt, particularly in the energy sector.
