EBRD and AFD support Egypt to cover investments in green technologies
Post date: 07/11/2019 - 10:55
The European Bank for Reconstruction and Development (EBRD), Agence Française de Développement (AFD) and the European Union are funding investments in corporate sector to boost green economy and generate savings to boost the energy efficiency in Egypt. The EBRD is supporting improvements in the energy efficiency of Egyptian private sector businesses, by providing a loan of $15 million to the Arab African International Bank (AAIB). Co-financed by $15 million from the Agence Française de Développement, the loan will increase investment in the green economy in Egypt.
Loans will cover investments in green technologies, such as PV, thermal insulation, geothermal heat pumps and water-efficient irrigation systems. The loans are complemented by EU funds to help companies identify the most efficient equipment or technologies and verify their use once they are installed.
Egypt is a founding member of EBRD. Since the start of its operations in the country in 2012, the Bank has invested over €5.3 billion in 99 projects in the country. In 2018, Egypt was the largest EBRD country of operations in terms of new commitments.
AFD is an inclusive public financial institution and the main actor in France’s development policy. It makes commitments to projects that genuinely improve the everyday lives of people, in developing and emerging countries and in the French overseas territories.