EIB, Alexbank offer $15mln finance to cut energy bills, increase renewable energy use: Egypt

EIB, Alexbank offer $15mln finance to cut energy bills, increase renewable energy use: Egypt

The European Investment Bank (EIB) and Alexbank, a bank of Intesa Sanpaolo group,madepublicon Tuesday the new tranche of $15m renewable and efficiency financing initiative signed under the Egypt-Green Economy Financing Facility (GEFF), aimed at accelerating the economic modernisation and the environmental sustainability through targeted green investment by Egyptian businesses.

The targeted business financing scheme has been formally announced on the sideline of the “Europe – Egypt Energy connectivity Event” in the Embassy of Sweden in Cairo by Tarek El-Molla, the Minister of Petroleum and Mineral Resources; Rania Al-Mashat, the Minister of International Cooperation, who participated through the video conference; Christian Berger, the ambassador of the EU Delegation; Håkan Emsgård, the Swedish ambassador; Mathew Baldwin, the Deputy Director of the EU Commission; Gelsomina Vigliotti, Vice President of the European Investment Bank; and Dante Campioni, Managing Director and CEO of Alexbank, in addition to other business leaders.

Rania Al-Mashat, Egypt’s Minister of International Cooperation, said that the new financing scheme with Alexbank boosts SMEs financing to enhance the efficiency and investments of renewable energy in industrial, commercial, and agricultural sectors. This comes in light of the framework agreement signed between the government and European Investment Bank to promote the development cooperation that aims to