Organized by the European Bank for Reconstruction and Development, the European Union, the European Investment Bank, and the French Development Agency, a conference titled “Success of Green Finance”, celebrating the outstanding results of the first phase of the “Green Finance Financing” program launched in Egypt in 2018.
تمويل عروبي وغير لبرنامج الاختصور الاختراد في مصر
So far, the partners have provided funding of 154 million US dollars to four local banks, namely: Kuwait Bank, Qatar Bank, Alexandria Bank, and the Arab Bank of Africa, with the aim of enabling the private sector to invest in energy efficiency technologies.
The beneficiaries of the program also received financial support and integrated technical support from the European Union, to strengthen the capacity of institutions and projects to transform into more sustainable solutions.
The conference concluded the first phase of the program, which supported over 7 years about 130 projects in 18 Egyptian governorates, and invested a total of 184 million US dollars in green initiatives in 15 diverse economic sectors.
These efforts are expected to contribute to reducing energy consumption by 1,153 gigawatts/hour annually, which is equivalent to the consumption of more than 100,000 urban floors, as well as reducing carbon dioxide emissions by 287,500 tons annually.
A number of public and private sector representatives participated in the conference, as well as those responsible from the partner banks. The representative of the European Bank for Reconstruction and Development emphasized the importance of green finance in supporting the Egyptian economy and limiting negative environmental impacts, confirming the bank’s commitment to continue its efforts in this area in Egypt.
The program aims to support local financial institutions to finance small and medium-sized projects and those seeking to adopt sustainable technology in the fields of renewable energy and water efficiency, as well as building the capacity of banks to develop customized financial solutions and products.
The second phase of the program is currently being implemented with a funding amount of up to 175.5 million US dollars, with the aim of supporting climate change adaptation projects, and expanding the scope of the low-emissions economy in Egypt.
A number of prominent figures were present, among them: Mark Bowman, Vice President of the European Bank for Reconstruction and Development, and Mark Davis, General Manager of the Southern and Eastern Mediterranean Region, and Dr. Rania Al Mashat, Minister of Planning, along with representatives of the European Union, the European Investment Bank, and the French Development Agency.
It should be noted that Egypt is a founding member of the European Bank for Reconstruction and Development, and since 2012 the bank has invested more than 13.8 billion US dollars in the Egyptian market from over 200 projects.
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