European Bank for Reconstruction and Development
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 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.
GlobalCorp for Financial Services is specialized in non-banking financial services in Egypt.
The EBRD clarified in a statement that it is helping Egypt to achieve its renewable energy potential and to transition to a greener economy through this strategy.
The bank stated that growth in Egypt slowed from 3.6 percent to 3.3 percent in the fiscal year ending June 2021.
EBRD’s Vice President of Banking, Alain Pilloux, is visiting Egypt from 17 to 20 October for high-level meetings with government officials to discuss the upcoming country strategy, meet the business community and sign projects.
Regarding Egypt, The EBRD described Benban solar project as one of its flagship projects, describing it as the largest solar park in Africa and one of the largest in the world.
As many as 22 royal mummies were transferred to the museum this month in a glitzy three-mile parade that has captured international attention.
Renaud-Basso also hailed the importance Egypt has attached to green economy and renewable energy, an Egyptian Cabinet statement read on Thursday
Basso tweeted that One of her first actual, as opposed to virtual, visits to an EBRD country as President is to Egypt
In the private sector, €2.5 billion is dedicated to 93 projects making up for 58 percent of the portfolio. In the public sector, €1.9 billion is dedicated to 14 projects making up for 42 percent of the portfolio.
“The upcoming visit reflects the close relations Egypt has with the European Bank for Reconstruction and Development and opens new horizons of cooperation," Egypt's Minister Al-Mashat commented.
They also discussed in a meeting the preparations for the first visit of the EBRD’s President to Egypt, Odile Renaud-Basso.
The agreement stipulates the allocation of a grant in the amount of €1 million to provide advisory services for launching a project for the construction of the dry port and logistical center in the tenth of Ramadan city
The European Bank for Reconstruction and Development (EBRD) has praised Egypt’s Green Recovery strategy and welcomed joint cooperation to discover opportunities in Africa.
Egypt accounts for more than EUR 1 bn of the EUR 2.13 bn of the total development financing provided to SEMED countries
Central to the plan is a commitment to invest in job creation and prosperity, as well as recognizing the significant role that the private sector as an engine for economic growth, using a two-pronged approach that provides a labor force for employers looking for talent and opportunities for workers seeking to advance in the modern labor market."
This step comes as a responding to the impact of the coronavirus pandemic on the Egyptian economy by boosting green finance and the development of value chains for the private sector.
As a representative of Egypt and governor of the EBRD, the minister will review the bank’s new economic recovery plan for 2021-2025.