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

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

Egypt - 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;