The agreement was signed by Walid Gamal El Din, Chairman of the General Authority for the Suez Canal Economic Zone, and Khaled Hamza, Director of the European Bank for Reconstruction and Development office in Egypt.
Emphasizing the strong relations between the EBRD and Egypt, Madbouly called on the bank to expand the scope of cooperation on renewable energy projects between the two
The EBRD has set the approval date for the loan as 13 December 2023
Estimates indicate that natural gas production declined by 9.3 percent year-on-year in the first half of 2023, reaching its lowest level in three years.
The Egyptian government plays an important role in the production of green hydrogen in cooperation with the private sector.
Maya Hennerkes, the Director for Green Financial Systems at the Climate Strategy and Delivery Department of the European Bank for Reconstruction and Development (EBRD), said that Egypt is on the right track towards a green and sustainable energy transition.
The EBRD elaborated that the provided loan will contribute to the expansion of Banque Misr's activities beyond the Greater Cairo region and help increase the availability of medium-term funding for underserved Egyptian MSMEs.
The package is divided to $400 million for the National Bank, $100 million for Banque Misr, and €30 million euros for Mediterrania Capital fund, which accounts for more than $32 million.
Harmgart stated that the pressure of global food prices has led to more diversification strategies.
Harmgart expressed her eternal optimism with in particular, labor costs slow in and with declining exchange rate in big markets like Egypt.
The report noted that increased gas exports, Egypt's role as an energy hub in the eastern Mediterranean, and the implementation of business-environment reforms supported by the International Monetary Fund (IMF) were main factors to the positive outlook
Egypt’s Samcrete was awarded two contracts valued at €36.6 million to build new sewage networks and pump stations in Fayoum and Al Kharafi will design and build a new wastewater treatment plant with a 35k cbm/d capacity in a €23.9 million contract.
Minister of Planning and Economic Development and Chairwoman of The Sovereign Fund of Egypt (TSFE) Hala El-Said attended Wednesday the signing ceremony.
The EBRD is a current shareholder in the company, having invested $60 million in 2020.
The new funding comprises a $ 4.95 million loan from the EBRD and a $ 550,000 concessional loan from the Global Environment Facility (GEF) to finance the construction and operation of a 7 MWp solar photovoltaic (PV) project in El Minya.
The EBRD elaborated that the loan follows the success of the Green Economy Financing Facility (GEFF) in Egypt, and will support an expansion of green lending in Egypt to under-served regions for investments in climate change mitigation and adaptation technologies and services.
President Abdel-Fatah El-Sisi received, Wednesday, Odile Renaud Basso, President of the European Bank for Reconstruction and Development (EBRD), in the presence of Prime Minister, Mostafa Madbouli, Minister of Foreign Affairs, Sameh Shoukry, and Minister of International Cooperation, Rania Al-Mashat.
"The EBRD helped Egypt green its economy and generate growth and opportunities for its citizens across the country," she added.
President Abdel Fattah El Sisi said Egypt highly values distinguished relations with the European Bank for Reconstruction and Development (EBRD),
The European Bank for Reconstruction and Development's (EBRD) financing in Egypt may exceed 1 billion euros this year in light of Egypt's hosting of the climate change conference (COP27) in November, said Managing Director for the EBRD’s Southern and Eastern Mediterranean (SEMED) region Heike Harmgart.