{"id":80823,"date":"2023-11-27T00:00:00","date_gmt":"2023-11-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/11\/27\/egyptian-climate-projects-nab-gef-funding-eib-is-setting-up-a-new-regional-hub-in-egypt-and-mashreq-partners-are-launching-a-new-climate-banking-platform\/"},"modified":"2023-11-27T00:00:00","modified_gmt":"2023-11-27T00:00:00","slug":"egyptian-climate-projects-nab-gef-funding-eib-is-setting-up-a-new-regional-hub-in-egypt-and-mashreq-partners-are-launching-a-new-climate-banking-platform","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/11\/27\/egyptian-climate-projects-nab-gef-funding-eib-is-setting-up-a-new-regional-hub-in-egypt-and-mashreq-partners-are-launching-a-new-climate-banking-platform\/","title":{"rendered":"Egyptian climate projects nab GEF funding, EIB is setting up a new regional hub in Egypt, and Mashreq + partners are launching a new climate banking platform"},"content":{"rendered":"

GREEN FINANCE-<\/strong><\/p>\n

<\/strong>Egypt taps several projects for GEF funding:<\/strong> Four national projects in the renewables, green hydrogen, environmental restoration, and livestock production sectors have been selected for funding under the Global Environment Facility (GEF) co-financed by the World Bank and the United Nations, according to a statement<\/a> released on Saturday. GEF\u2019s expected funding package, the developers of the green power plants, and the expected investment tickets and targeted generation capacities for the projects were not disclosed. <\/p>\n

A few from many:<\/strong> 44 national projects had applied for funding under GEF, the statement notes, adding the government will look to other capital raising routes to secure financing for the unselected projects. GEF has provided more than USD 23 bn<\/a> and mobilized another USD 129 in co-financing toward 5k projects globally focused on tackling the climate crisis, biodiversity loss, and land and oceanic degradation. The facility has channeled more than USD 48 mn<\/a> in financing toward development projects in Egypt to date. <\/p>\n

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EIB establishes new hub in Cairo + eyes more green partnerships<\/strong>: The European Investment Bank (EIB) inaugurated a new regional hub in Cairo to further its investment \u2014 including green investments \u2014 in the MENA region, according to a statement<\/a> released last week. The investment bank has previously financed local projects in climate-related projects, Egypt\u2019s International Cooperation Minister Rania Al Mashat said in the statement. Green transition advocate Guido Clary (LinkedIn<\/a>) will serve as the new head of the regional hub, after having worked as the head of unit for the EIB for 6 years. <\/p>\n

REMEMBER- EIB is a big green funder for Egypt: <\/strong>EIB allocated EUR 4 bn for funding<\/a> Egyptian development projects until 2030 under thegovernment\u2019s Nexus for Water, Food and Energy (NWFE) climate adaptation program earlier this year. The Bank of Alexandria also received a USD 15 mn loan<\/a> from EIB to finance green projects in May. <\/p>\n

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Mashreq partners with Visa + <\/strong>Ecolytiq launch climate banking platform: <\/strong>UAE banking group Mashreq, global payments leader Visa and German sustainability services firm Ecolytiq<\/a> have launched the MENA region\u2019s first personal banking platform offering carbon emissions insights, according to a statement<\/a> released last week. Visa and Ecolytiq launched their joint project The Eco Benefits Bundle earlier this year<\/a> before partnering with Mashreq for regional implementation. <\/p>\n

How does it work: <\/strong>The new platform overlays carbon emissions calculations onto transaction data, offering Mashreq customers more transparency on their spending habits\u2019 environmental impact. It also uses advanced analytics to personalize climate insights for customers. <\/p>\n

RECYCLING-<\/strong><\/p>\n

Gal <\/strong>Ammroc + 360-DMG partner on aviation upcycling:<\/strong> UAE-based aerospace services provider Gal Ammroc<\/a> and British recycling firm 360-DMG<\/a> signed an agreement to establish the world\u2019s first upcycling, revert processing, and aftermarket spare parts sale program in the UAE, according to a statement<\/a> released on Thursday. The companies will develop a military-industrial recycling plant for the aviation industry. Gal Ammroc is among the companies partnering with the UAE to launch their eVTOL-based air taxi services<\/a> in the country. <\/p>\n

ELECTRIC VEHICLES-<\/strong><\/p>\n

It was a<\/strong>busy week for the region's EV sector:<\/strong> Danish transport and logistics company DSV<\/a> will roll out a fully electric long-range truck fleet in the UAE, according to a statement<\/a> released last week. Manufactured by Chinese heavy equipment manufacturer Sany<\/a> and its UAE agent EGME<\/a>, the electric trucks are digitally integrated with a battery range of 250 to 800 km. Saudi's Naqel Express by SPL<\/a> also announced the launch of its first fleet of electric transport trucks in Saudi, SPA<\/a> reported last week. KSA's vehicle rental firm Budget Saudi Arabia also partnered with Jeddah-based motor vehicle manufacturer Electromin to establish EV charging points across the former\u2019s key facilities in the country, Saudi Gazette<\/a> reported last week. This comes after Electromin rolled out<\/a> KSA\u2019s largest fleet of all-electric trucks to date last month in partnership with German automaker Quantron AG.<\/p>\n

ALSO- KSA launches its first hydrogen-powered truck:<\/strong> Saudi Arabia\u2019s Transport General Authority rolled out the kingdom\u2019s first heavy-duty hydrogen-fuelled truck in collaboration with Almajdouie logistics, SPA<\/a> reported on Tuesday. The alternative fuel-powered cargo car will have a 400 km drive range.<\/p>\n

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-<\/strong><\/p>\n