Egypt’s Bank of Alexandria inked a financing agreement with the European Investment Bank (EIB) for a USD 15 mn loan to finance green projects, according to a statement. The loan agreement was signed under the framework of the first Green Economy Financing Facility which is co-financed by the EU, according to a separate statement. The bank will funnel financing towards small and medium businesses working on energy efficiency and renewable energy in the industrial, commercial and agricultural sectors.

EIB already has interest in Egypt’s renewables: EIC Director Lionel Rapaille met with Egyptian Environment Minister Yasmine Fouad in February to explore potential climate-centered projects in the private sector, including waste-to-energy, waste management, and environmental and marine conservation projects and potential pathways for developing the local banking industry’s sustainable financing capacity.

The bank is supporting renewables regionally…: The bank said it is in talks with several private sector investors and the Moroccan Agency for Sustainable Energy (Masen) to explore investment opportunities in the country’s green fuel sector last February, with aims to get new green hydrogen production projects off the ground by 2025.

… And beyond: The European Commission and EIB agreed to funnel EUR 18 bn in funding earlier this month under Europe’s investment strategy for partner countries Global Gateway to help bridge global climate financing gaps and support adaptation and mitigation efforts. The new financing package aims to boost investments in the strategy’s priority areas, including climate action and clean energy in partner countries globally.

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