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Cabinet officials

European Investment Bank and ALEXBANK Launch New Tranche of USD 15 Million Renewable & Efficiency Financing Initiative

Strategic Insights

— 2 min read

The European Investment Bank (EIB) and ALEXBANK, a bank of Intesa Sanpaolo group, have announced a new tranche of USD 15 million renewable & efficiency financing initiative as part of the GEFF (Egypt Green Economy Financing Facility) program. The initiative aims to accelerate economic modernization and environmental sustainability through targeted green investment by Egyptian businesses.

H.E. Dr. Rania Al-Mashat, Egypt's Minister of International Cooperation, expressed her appreciation for the continuous cooperation with the European Investment Bank to support the private sector in Egypt, which aligns with the country's current priorities to expand private sector participation in development. The new financing scheme with ALEXBANK boosts SMEs financing to enhance the efficiency and investments of renewable energy in industrial, commercial, and agricultural sectors.

Key Takeaways:

  • The new tranche of USD 15 million renewable & efficiency financing initiative is part of the broader GEFF program, which provides financing for business investment through local financial partners.
  • The initiative aims to enable companies across Egypt to increase investment, reduce energy and water consumption, improve product quality, and increase competitiveness.
  • The GEFF initiative is supported by the European Union through a Neighbourhood Investment Facility grant to incentivize uptake and provide technical assistance.
  • The initiative is designed to contribute to delivering SDG 7, SDG 12, and SDG 13, focusing on universal access to affordable, reliable, and modern energy services, sustainable consumption and production, and urgent action to combat climate change and its impact.
  • The first cooperation will help overcome insufficient renewable energy investment volumes through a dedicated focus on green investment and technical assistance to develop and accelerate these investments.
  • The new financing scheme is jointly backed by the EBRD and supported by the European Union.
  • The initiative targets business organizations in Egypt, aiming to enhance the efficiency and investments of renewable energy in industrial, commercial, and agricultural sectors.

Statistics:

  • USD 15 million: the amount of the new tranche of renewable & efficiency financing initiative.
  • 1: The number of Egyptian banks partnering with the EIB to support the country's private sector.
  • 3: The number of sectors targeted by the initiative: industrial, commercial, and agricultural.
  • 2011-2022: The time period covered by the article from which the source material was extracted.
  • 1: The number of Egyptian-Minister of International Cooperation, H.E. Dr. Rania Al-Mashat.

Sources:

  • "Egypt and EU bring affordable energy to rural homes." (2018). European External Action Service.
  • "Egypt Green Economy Financing Facility (GEFF)". (2020). European Investment Bank.
  • "Minister of International Cooperation Dr. Rania Al-Mashat Follows Up on the Implementation of Projects Implemented within the Framework of the Egypt - Europe Energy Interconnectivity Dialogue". (2020). Official Gazette.

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