European Bank for Reconstruction and Development and QNB Alahli boost green investments and small firms in Egypt

12-02-2020
L-r: Vladislav Arnaoudov, GCF; Malin Elander, EU; Mohamed El-Dir, QNB Alahli; Jurgen Rigternik, EBRD; Tarek Fayed, QNB Alahli
L-r: Vladislav Arnaoudov, GCF; Malin Elander, EU; Mohamed El-Dir, QNB Alahli;…
Copyright: EBRD

The European Bank for Reconstruction and Development (EBRD) is boosting small businesses and green investments in Egypt with a US$ 82 million financial package to QNB Alahli, one of the country’s largest commercial banks, for on-lending to local enterprises.

QNB Alahli will on-lend the EBRD’s funds to private companies to invest in climate change mitigation and adaptation measures through the reduction of energy and water usage, sustainable land management or renewable energy.

Egypt is a founding member of the EBRD. Since the start of its operations there in 2012, the Bank has invested over €6 billion in 115 projects in the country. The EBRD’s areas of investment include the financial sector, agribusiness, manufacturing and services, as well as infrastructure projects such as power, municipal water and wastewater services and contributions to the upgrade of transport services‎.

 

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European Bank for Reconstruction and Development (EBRD)