The European Bank for Reconstruction and Development (EBRD) has collaborated with the Commercial International Bank (CIB) to secure a substantial US$60 million (€55.9 million) financing package aimed at promoting green investments and empowering women-led businesses in Egypt.
Solar Quarter reported that the agreement includes a US$50 million Green Economy Financing Facility (GEFF II), supported by an additional US$7.5 million from the Green Climate Fund (GCF).
This funding will facilitate investments in climate change mitigation and adaptation technologies across various agribusiness, manufacturing, services, logistics, and ICT sectors.
The initiative also includes investment incentive grants from the European Union (EU) totaling up to €5.2 million, designed to encourage local micro, small, and medium-sized enterprises (MSMEs) to adopt eco-friendly technologies and build resilient green supply chains.
Notably, this marks the third GEFF II credit line in Egypt by the EBRD, GCF, and EU, aiming to foster a greener, more inclusive, and competitive local economy through enhanced financing for MSMEs.
Moreover, the package includes a US$10 million EBRD Women in Business loan dedicated to promoting women’s economic participation. This initiative offers financial support, advisory services, training, and mentoring specifically tailored for women-led small businesses across various sectors.
The agreements were formalized during the EU Investment Conference in Cairo and were attended by EBRD First Vice President Jürgen Rigterink. Mr. Rigterink.
He stated: We are committed to supporting Egypt’s transition to a greener economy and enhancing women’s role in business by facilitating access to finance and intensifying climate adaptation investments in collaboration with our EU and GCF partners.
On his part, CIB Deputy CEO and Managing Director, Amr El Ganainy, expressed his satisfaction with the collaboration, highlighting CIB’s dedication to providing sustainable financial solutions to MSMEs in Egypt.
CIB, a leading private-sector bank in Egypt, serves a broad spectrum of clients, including major corporations, enterprises of all sizes, institutions, and households. The bank’s extensive network and comprehensive financial services are pivotal in shaping Egypt’s banking landscape and fostering economic development.
