EBRD, EU, and GCF provide USD 175,5 million in Egypt for the green economy

Friday 3 February 2023 12:19 CET | News

EBRD, EU, and GCF have announced their partnership to support the green economy in Egypt by offering an additional USD 175,5 million under the GEFF.

The amount will be accessible at the local financial institutions, in order to on-lend it to the private sector. This will be provided for investments in climate change mitigation and adaptation projects while supporting the decarbonisation of the Egyptian economy. 

The offer was decided upon and implemented during the event hosted by the Green Economy Financing Facility (GEFF), called `From pledges to implementation – boosting green finance in Egypt`. At the event were present multiple official organizations and individuals, which attended together in order to find a way to facilitate the green economy in the region and to make value chains more environment-friendly by facilitating business investments in green technology. 

According to the press release, Egypt’s Minister of Environment mentioned three different important sectors to support the green transition in Egypt. These include the waste management sector, the nature-based solutions, and the biofuel economy. 

Currently, Egypt has initiatives such as the `green ponds`, and this partnership will allow the country to increase the financing in the green sector in multiple areas, such as the sector of energy, consumption, and production.

EBRD, EU, and GCF have announced their partnership to support the green economy in Egypt by offering an additional USD 175,5 million under the GEFF.

EBRD’s partnerships

The European Bank for Reconstruction and Development had multiple partnerships in the last few months, covering multiple areas, such as environment, security and fraud management, and digitalisation. 

In December of 2022, EBRD announced the collaboration with cybersecurity company ISSP to enhance digital security for SMEs in Moldova. 

Following this partnership, SME owners and entrepreneurs attended a full day of cybersecurity training in Chisinau, which aimed to offer them the embed sustainable cybersecurity practices in their solutions and operations, while securing their digital transformation. 

The training focused on providing the customers with a detailed set of information, aiming to familiarise them with the building blocks of a successful cybersecurity framework and equipping them with the knowledge and tools needed to improve their awareness of risks. Customers learned to identify and recognise the areas and departments in their organisation most at risk of cyberattacks while building their capacity to manage these threats more efficiently and fast.  

A month prior, the company announced the decision of exploring digitalisation in green trade finance, alongside partners. The bank aimed to step up its support for the digital transition of trade finance by facilitating test transactions between a couple of financial institutions, such as Banca Comerciala Romana, UniCredit, and QNB ALAHLI. The process took place on the digital trade platform. 

The Preview Offering Program focused on enabling banks and clients around the world to participate in the process of test transactions with the member banks. These financial institutions also received extensive operational, information technology, marketing, and sales, as well as legal and compliance consultancy services, designed to their level of digitalisation. 

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Keywords: partnership, online banking, digital banking, financial institutions
Categories: Banking & Fintech
Companies: EBRD, EU, GCF, GEFF
Countries: Egypt
This article is part of category

Banking & Fintech








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