Cairo - Mubasher: The European Bank for Reconstruction and Development (EBRD) in conjunction with the European Investment Bank (EIB) on Tuesday announced that they are setting a plan to improve renewable energy efficiency in Egypt.
EBRD President Suma Chakrabarti said: “We are very pleased to further support energy efficiency in Egypt with this Financing Package to ALEXBANK”.
This plan will take place through a financing package of $30 million to ALEXBANK under the Green Economy Financing Facility (GEFF) for Egypt, according to EBRD’s report.
The $30 million will be divided on to a financing facility valued at $15 million from the EBRD to ALEXBank to lend private companies operating in renewable energy, and another $15 million extension that may be used to finance the final phase of the plan.
The investment plan includes providing the required tools and equipment in order to achieve progress in enhancing renewable energy efficiency in Egypt.
“This agreement with the EBRD, supported by funds from the European Union Neighbourhood Investment Facility, comes within the framework of ALEXBANK’s strategy,” said Dante Campioni, managing director and CEO of ALEXBANK.
Egypt is a charter member of the EBRD and started receiving funds and support since 2012. With total EBRD investments in Egypt reaching EUR 3 billion divided on around 66 projects in different fields such manufacturing and services, infrastructure projects, transport services and others.
Last month, the EBRD opened its second office in Egypt in Alexandria so as to be able to increase its schemes and projects to enhance development in Egypt, especially those dealing with energy.