Cairo – Mubasher: The National Bank of Egypt and Agence Francaise De Developpement (AFD) have inked a credit facility agreement worth EUR 100 million to finance climate conservation and sustainable development-related projects in Egypt.
The Chairman of the National Bank of Egypt, Hisham Okasha, said that the credit facility is part of the partnership between the bank and AFD which has been established since 2010, according to a statement issued on Thursday.
Okasha added that the agreement is in line with the global programme aiming to drive the transition to a climate-friendly financial system.
Meanwhile, a total of 60% of the credit facility will be dedicated to projects seeking to mitigate the effects of climate change, while the remaining 40% will focus on climate change adaptation projects.
As part of the transition to a climate-friendly financial system programme, AFD will provide the National Bank of Egypt with EUR 1.5 million technical assistance grant to support sustainable development.