The European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), European Union, and the French Development Agency (AFD) have launched Tuesday their new Green Economy Financing Facility (GEFF) for Egypt.
The GEFF programme will include providing soft loans worth €140 million ($151.4 million) for energy efficiency and small-scale renewable energy investments by private companies through a group of participating banks.
The National Bank of Kuwait-Egypt (NBK) and Qatar National Bank (QNB) were the first to participate in the GEFF with the aim of achieving energy security. The loans are combined with technical support to develop projects and win incentives for the successful completion of investments, resulting in producing products aimed at promoting energy efficient and renewable energy technology, as well as raising awareness, reducing operating costs, and improving competitiveness.
The programme is supported by an EU grant worth €23.8 million. The European Union Neighbourhood Investment Facility (EU NIF) is providing the funds for incentives to complete investments, while the comprehensive technical-assistance package is jointly funded by EU NIF and EBRD’s Shareholder Special Fund.
“The programme is aimed at small and medium enterprises (SMEs), not large industrial innovators. We target private-sector companies working in all sectors of the economy,” said Janet Heckman, EBRD managing director for the southern and eastern Mediterranean (SEMED) region.
GEFF is the latest in a series of similar programmes led by EBRD, rolled out so far in 24 countries, in cooperation with 120 local financial partners.
