EIB offers €515m finance to Egyptian SMEs, corporate via 3 banks in 2022: Al-Mashat

Daily News Egypt
3 Min Read

Minister of International Cooperation Rania Al-Mashat met Warner Hoyer, President of the European Investment Bank (EIB), to review the fruitful cooperation between the Ministry and the Bank throughout 2022.

Last year, the EIB provided development financing of 15m to the Alex Bank, and 500m to the National Bank of Egypt, within the framework of providing soft development financing for the private sector and small and medium-sized enterprises (SMEs).

This mainly included the participation in the national platform For green projects, the “NWFE” program, in addition to the European Investment Bank assuming the role of the main development partner in the “NWFE +” programme, which enhances the mobilization of blended financing mechanisms and stimulates private sector investments to implement a number of green development projects in the transport sector.

Al-Mashat explained that the joint efforts with the European Investment Bank are consistent with the country’s vision to implement the National Strategy for Climate Change 2050, and the Nationally Determined Contributions (NDCs), as the European Investment Bank contributes to the implementation of a project to replace power plants that operate with traditional energy with others powered by renewable energy to promote the transition towards clean energy, crop adaptation project in the Nile Valley and Delta region, adaptation in the North Delta region affected by sea level rise, and irrigation development in ancient agricultural areas.

The two sides also discussed future projects within the framework of development cooperation efforts between the two sides in the field of sustainable green industries, enhancing food security, technical support and training, and moving forward in mobilizing support for the national platform for green projects, the “NWFE” programme.

The activities of “Davos 2023”, which is being held by the World Economic Forum in Switzerland, kicked off under the title “Cooperation in a Divided World”, with the participation of many leaders of countries, heads of government, ministers, and major private sector companies, where the Minister of International Cooperation held a session from January 16-20 is holding a number of bilateral meetings with representatives of multilateral and bilateral development partners, private sector companies, and non-profit organizations, in addition to participating in many events and discussion sessions in light of the consolidation of economic relations between Egypt and regional and international institutions.

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