During EBRD Business Forum 2017 for the Southern and Eastern Mediterranean Region:
The European Bank for Reconstruction & Development (EBRD) is partnering with ALEXBANK to support energy efficiency and renewable energy projects in Egypt with a USD 30 million financing package. The signing agreement took place during EBRD Business Forum 2017 for the Southern and Eastern Mediterranean Region (SEMED). This agreement comes under the Green Economy Financing Facility (GEFF) program that is led by three development financial institutions; The European Bank for Reconstruction and Development (EBRD), The European Investment Bank (EIB) and the Agence Francaise de Development (AFD). This program aims at financing privately owned entities and individuals to support investments in the areas of renewable energy and energy efficiency projects.
Through the agreement, ALEXBANK will be provided with comprehensive technical assistance for the evaluation of development’s design and implementation tools related to energy-efficient investments and small-scale renewable energy facilities. In addition, eligible projects will be entitled to receive grants up to 15% of investments’ financial value.
Dante Campioni, Managing Director & CEO of ALEXBANK said: “The agreement with EBRD comes in line with the framework of ALEXBANK’s strategy aiming at supporting efficient and environmentally sustainable industrial investments by providing attractive funding solutions coupled with training and expertise, to speed up the implementation of projects in this vital area”. Referring to the effective contribution of the renewable energy projects in reducing the pressure and consumption of the traditional sources of energy, Campioni added: “through this initiative we aim to help in saving energy and reduce harmful emissions in accordance with the EBRD Sustainable Energy Finance Facility (SEFF) Policy Statement and with ALEXBANK’s strategy to favor a sustainable and environmentally friendly development of Egyptian economy.”
EBRD President Suma Chakrabarti said: “We are very pleased to further support energy efficiency in Egypt with this loan to ALEXBANK. The agreement signed today will reinforce the role of the private sector in climate investment, reducing emissions and building a resilient environment.”
The EBRD Business Forum was held under the theme of “Investing for Sustainable Growth” in cooperation with the Ministry of Investment and International Cooperation with the attendance of Dr. Sahar Nasr, the Minister of investment and international cooperation, EBRD President Suma Chakrabarti, Dante Campioni - Managing Director and CEO of ALEXBANK, and other Banks, key policy-makers, government officials, investors and prominent business entities.
It’s worth mentioning that the finance line is the third extended under GEFF Egypt, a comprehensive program for sustainable energy investments through financial institutions supported by a EUR 23.3 million grant provided by the European Union Neighborhood Investment Facility.