According to a European Bank for Reconstruction and Development (EBRD) September 2022 press release, the EBRD has approved a $100 million loan to Banque Misr. The loan will be used for on-lending to local small and medium-sized enterprises (SMEs) in underserved areas of Egypt, that focus on the development of technologies and services for climate change mitigation and adaptation.
Promoting Green Development
“The EBRD is committed to promoting green investments in the economies where it invests and greening the financial system. This new partnership with Banque Misr builds on our successful cooperation and is in line with our country’s strategy to promote a green, competitive and inclusive economy,” said Heike Harmgart, EBRD Managing Director for SEMED.
The main investment objective of this funding will be the development of renewable energy:
“Conceding with Egypt’s preparation to host COP 27, our partnership with EBRD is no coincidence, it is the incarnation of our belief that Green Finance and SMEs funds are instrumental to more inclusive and sustainable economic growth in Egypt and community wellbeing. We extended our partnership with the EBRD to channel liquidity to SMEs, promote the adoption of renewable energy, and accelerate the adaptation of technologies on energy and resource efficiencies across a wide range of sectors,” said Mohamed El-Etreby, Banque Misr Chairman.
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