The European Investment Bank (EIB) will provide USD 15 mn to Alexbank for on-lending to green projects, the two sides said in a joint release (pdf) yesterday. The money is being made available through the Green Economy Financing Facility (GEFF), and will target businesses working on renewable energy and efficiency projects, it said. The EIB signed off on the financing in December, according to the EIB’s website.

GEFF? Led by the EBRD in partnership with the EIB and the French Development Agency, the initiative aims to help small, private-sector businesses to help them invest in energy-efficiency projects and green technologies.

Egyptian banks have so far received more than EUR 465 mn from GEFF, which has worked with a number of local lenders — including the National Bank of Egypt, QNB Alahli, Alexbank and Arab African International Bank — to channel finance to green projects and SMEs.

The loan was signed on the sidelines of the Swedish embassy and EU’s electricity interconnectivity event yesterday, according to a jointpressrelease(pdf). Panels at the event discussed how Europe could help finance the green transition here, and how in turn the renewable energy generated in Egypt could make its way to Europe.

SOUND SMART- There are as many as five proposed interconnector projects that would link our electricity grid to mainland Europe. Read about them all here.

IN OTHER GREEN NEWS-

Gov’t, UN launch new sustainable development framework: The Madbouly government and the UN yesterday launched the UN Sustainable Development Cooperation Framework 2023-2027 (pdf) at an event in Cairo, cabinet said in a statement. The five targets of the four-year framework include strengthening welfare and public services, improving women’s rights, building climate resilience and reducing the informal economy.

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