EBRD, Credit Agricole to back green investments in Egypt with $20M
Updated 8/1/2024 2:30:00 PM
Arab Finance: Credit Agricole Egypt’s board has approved sealing a $20 million loan agreement with the European Bank for Reconstruction and Development (EBRD) to boost green investments in Egypt, as per an emailed press release.
The loan will be used for on-lending to local small- and medium-sized enterprises (SMEs) and households.
It includes $3 million of concessional finance from the Green Climate Fund (GCF).
The financing for Crédit Agricole Egypt will be backed by the European Union (EU), with up to €2.05 million for incentive payments for successfully implemented and verified projects.
The EU will also provide a comprehensive technical assistance package of up to €6.2 million for all participating financial institutions and their clients, and for policy dialogue.
Crédit Agricole Egypt is the fourth bank in Egypt to benefit from a loan under the GCF GEFF Regional Egypt Framework, the second Green Economy Financing Facility (GEFF II) in the country.
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