The EBRD will also provide incentive grants to borrowers under the GEFF II facility upon successful completion and verification of these green investments to promote the adoption of advanced climate technologies by eligible MSMEs.
The facility will be supported by a comprehensive technical cooperation package funded by the EU to assist ALEXBANK with training, capacity-building initiatives and support project implementation. The training activities will promote equal access to climate finance and green technologies for women and men.
EBRD Managing Director for the Southern and Eastern Mediterranean, Mark Davis said: “We are proud to join forces with ALEXBANK to support Egypt’s green transition and to accelerate the adoption of innovative climate investment solutions by households and MSMEs. Through the success of our GEFF II programme and with generous support from the EU and the GCF, we are helping to drive sustainable growth and creating opportunities for inclusive development.”
In this regard, Mr. Paolo Vivona, Chief Executive Officer and Managing Director of ALEXBANK, stated: “ALEXBANK’s partnership with the EBRD under GEFF II marks a significant milestone in the bank’s commitment to Egypt’s green transition. ALEXBANK is dedicated to promoting sustainable development and innovative green solutions, enabling households and MSMEs to invest in climate adaptation and mitigation technologies and support a more sustainable economy in line with the strategy of the Intesa Sanpaolo Group.”
ALEXBANK partnered with the EBRD for the first time in 2016, when it signed an SME credit line and Trade Facilitation Programme (TFP) facility for a total of US$ 100 million and in 2017, a second loan of US$ 30 million under the Egypt Sustainable Energy Financing Facility (EgyptSEFF) programme, co-financed by the European Investment Bank (EIB).
Egypt is a founding member of the EBRD. Since the start of the Bank’s operations in the country in 2012, the EBRD has invested almost €13.9 billion in 209 projects across the country.