By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    IMF reaches staff-level deal with Somalia
    IMF reaches staff-level deal with Somalia
    March 21, 2023
    HDB allocates EGP 3.85bn to sustainable financing in 2022: Chairperson
    HDB allocates EGP 3.85bn to sustainable financing in 2022: Chairperson
    March 21, 2023
    Cooperation between MSMEDA, JICA to boost competitiveness of MSMEs
    Cooperation between MSMEDA, JICA to boost competitiveness of MSMEs
    March 21, 2023
    SCZONE discusses cooperation with American-Hellenic Chamber of Commerce
    SCZONE discusses cooperation with American-Hellenic Chamber of Commerce
    March 21, 2023
    EFG Hermes concludes valU’s 4th issuance in a securitized bond worth EGP 856.5m
    EFG Hermes concludes valU’s 4th issuance in a securitized bond worth EGP 856.5m
    March 21, 2023
  • Politics
    PoliticsShow More
    Shoukry confirms Egypt's full support to COP28 in UAE
    Shoukry confirms Egypt’s full support to COP28 in UAE
    March 21, 2023
    Egypt’s GAH, WHO discuss cooperation in health sector
    Egypt’s GAH, WHO discuss cooperation in health sector
    March 21, 2023
    Egypt, Turkey are not competitors in Libya: FM Cavusoglu 
    Egypt, Turkey are not competitors in Libya: FM Cavusoglu 
    March 21, 2023
    Chinese President Xi Jinping said on Tuesday that China is ready to expand cooperation with Russia during his meeting with Russian Prime Minister Mikhail Mishustin.
    Xi says China to expand cooperation with Russia in trade, investment, supply chain, mega projects, energy, hi-tech
    March 21, 2023
    Egypt’s Irrigation Minister heads to New York for UN water meeting 
    Egypt’s Irrigation Minister heads to New York for UN water meeting 
    March 21, 2023
  • Interviews
    InterviewsShow More
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    December 27, 2022
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: EBRD, EU, and GCF offer $175.5m for green economy in Egypt 
Share
Notification
Latest News
IMF reaches staff-level deal with Somalia
IMF reaches staff-level deal with Somalia
Business
HDB allocates EGP 3.85bn to sustainable financing in 2022: Chairperson
HDB allocates EGP 3.85bn to sustainable financing in 2022: Chairperson
Business
Shoukry confirms Egypt's full support to COP28 in UAE
Shoukry confirms Egypt’s full support to COP28 in UAE
Politics Egypt
Egypt’s GAH, WHO discuss cooperation in health sector
Egypt’s GAH, WHO discuss cooperation in health sector
Politics Egypt
American University in Cairo (AUC) launches Excellence Scholarship Program to support outstanding students
AUC launches Excellence Scholarship Program to support outstanding students
Society in depth
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Egypt > EBRD, EU, and GCF offer $175.5m for green economy in Egypt 
EgyptPolitics

EBRD, EU, and GCF offer $175.5m for green economy in Egypt 

Mohammed El-Said
Last updated: 2023/02/01 at 1:47 PM
By Mohammed El-Said 6 Min Read
Share
EBRD, EU, and GCF offer $175.5m for green economy in Egypt
SHARE

The European Bank for Reconstruction and Development (EBRD), the European Union (EU) and the Green Climate Fund (GCF) announced on Tuesday, providing an additional $175.5m under the Green Economy Financing Facility programme (GEFF) in Egypt to support green programmes and investments for the private sector.

 

This came during the Green Economy Financing Facility (GEFF) event, “From pledges to implementation – boosting green finance in Egypt”. The amount will be made available to local financial institutions to on-lend to the private sector for investments in climate change mitigation and adaptation projects, supporting the decarbonisation and competitiveness of the Egyptian economy.

 

The event was attended by Minister of International Cooperation Rania Al-Mashat, Minister of Environment Yasmine Fouad, Head of the European Delegation to Egypt Christian Berger, and Central Bank of Egypt First Sub-Governor May Aboulnaga.

 

On the sidelines of her participation in the event, Al-Mashat said to Daily News Egypt: “One of the key aspects of our cooperation with the different partners, bilateral and multilateral is the facilities that are provided to the private sector. Sometimes it is not always very typical or understood in the market that a lot of the development finance is available to the private sector in different sizes; big corporations, small and medium-sized enterprises (SMEs) and startups.” 

 

She explained that Tuesday’s event is a very important way to showcase the need to engage the private sector in the partnerships and financial agreements that the government sign with the EBRD, EU and other partners. “Of course today private sector engagement is underpinned by green finance.” 

 

Al-Mashat further noted that each country has primate targets, but there is a common goal for everyone to work together to be able to meet one of the biggest challenges today which is climate change. So trying to encourage the private sector to think green and act green to make sure that the financial institutions and the financial sector are able to provide tools that are modern and innovative and can benefit from these facilities is also something else which is on the top of the agenda of the program particularly, the minister added.  

 

“As a ministry of international cooperation, our portfolio involves all international institutions with the exception of the IMF. And all of them have facilities that are directed to the financial sector in Egypt. For instance, the EBRD has offered several credit lines with Egyptian banks since 2020. These credit lines are basically a very important mechanism to on-lend to the private sector in Egypt,” Al-Mashat noted.   

 

Christian Berger explained to DNE that the partnership between Egypt and the EU is “vast” and that the green finance program is a follow-up on two things; the COP27 and Europe Green Deal. “So, we are very much interested in green financing around the world and Egypt is actually a very good partner in that.” 

 

He added that Egypt has its own initiatives such as “the green ponds” which Egypt is the first country to issue green ponds. “We are working with the EBRD and other banks to increase our financing in the green sector in a variety of sectors starting with energy, production and consumption. We are working with EBRD to hand out or to pass on loans and financing to companies to change to a more environmentally friendly production,” Berger said.  

 

Heike Harmgart the Managing Director for the Southern and Eastern Mediterranean (SEMED) region at the EBRD, said: “We are very proud to strengthen our green investments in Egypt through the GEFF and GVC programmes, along with the help of our strong partnership with the EU and GCF. These unique programmes have proven their success in the country throughout the years and we hope to continue to build a greener and more resilient and inclusive economy with the valuable support of our partner financial institutions.”

 

Moreover, Egypt’s Minister of Environment Yasmine Fouad referred to 3 important sectors to support the green transition in Egypt, the first one is the waste management sector, and the second is the biofuel economy, and the third is nature-based solutions. Fouad pointed out the importance of restructuring the outlook of the banking sector in Egypt to become more understanding of climate finance.

 

During the event, the EBRD representatives, along with representatives from local partner banks, discussed their partnership under the GEFF and the Green Value Chain (GVC) Egypt programmes, and their role in greening value chains by facilitating business investments in green technology.

You Might Also Like

Shoukry confirms Egypt’s full support to COP28 in UAE

Egypt’s GAH, WHO discuss cooperation in health sector

Egypt, Turkey are not competitors in Libya: FM Cavusoglu 

Xi says China to expand cooperation with Russia in trade, investment, supply chain, mega projects, energy, hi-tech

Egypt’s Irrigation Minister heads to New York for UN water meeting 

TAGGED: EBRD, EU, GCF
Share this Article
Facebook Twitter Email Print
By Mohammed El-Said
Mohammed El-Said is the Science Editor for the Daily News Egypt with over 8 years of experience as a journalist. His work appeared in the Science Magazine, Nature Middle East, Scientific American Arabic Edition, SciDev and other regional and international media outlets. El-Said graduated with a bachelor's degree and MSc in Human Geography, and he is a PhD candidate in Human Geography at Cairo University. He also had a diploma in media translation from the American University in Cairo.
Previous Article Egypt calls for political solution to Ukraine-Russia conflict: Shoukry Egypt calls for political solution to Ukraine-Russia conflict: Shoukry
Next Article Agriculture Minister, Brazilian ambassador in Cairo discuss increasing trade exchange Agriculture Minister, Brazilian ambassador in Cairo discuss increasing trade exchange
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

IMF reaches staff-level deal with Somalia
IMF reaches staff-level deal with Somalia
Business
HDB allocates EGP 3.85bn to sustainable financing in 2022: Chairperson
HDB allocates EGP 3.85bn to sustainable financing in 2022: Chairperson
Business
Shoukry confirms Egypt's full support to COP28 in UAE
Shoukry confirms Egypt’s full support to COP28 in UAE
Politics Egypt
Egypt’s GAH, WHO discuss cooperation in health sector
Egypt’s GAH, WHO discuss cooperation in health sector
Politics Egypt
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?