{"id":544483,"date":"2022-03-06T03:35:12","date_gmt":"2022-03-06T03:35:12","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/ebrd-green-growth-and-sanad-funds-all-have-money-for-egypt-more-competition-in-consumer-finance\/"},"modified":"2022-03-06T03:35:12","modified_gmt":"2022-03-06T03:35:12","slug":"ebrd-green-growth-and-sanad-funds-all-have-money-for-egypt-more-competition-in-consumer-finance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/ebrd-green-growth-and-sanad-funds-all-have-money-for-egypt-more-competition-in-consumer-finance\/","title":{"rendered":"EBRD, Green Growth and Sanad funds all have money for Egypt + more competition in consumer finance"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>The European Bank for Reconstruction and Development (EBRD) has put pen to <\/strong><strong>paper on its financing of the Alexandria metro project<\/strong>, which will see it provide the Transport Ministry with <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e4f6c39b-3572-4e50-9dd7-9b1c21f444f2\">EUR 250 mn<\/a> to transform the Abu Qir railway into an electrified metro line. <a href=\"https:\/\/alborsaanews.com\/2022\/03\/05\/1516501\">Al Borsa<\/a> reports that the EBRD and the ministry signed the agreement yesterday during the launch event for the lender\u2019s new <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e7d802ba-6991-4e24-bfc0-2cd2f6f9ef87\">2022-2027 Egypt strategy<\/a>, which will continue to see it support economic growth and its transition towards a greener economy.<\/p>\n<p><strong>That\u2019s not all:<\/strong> The EBRD will assess Egypt\u2019s potential to build a hydrogen industry, as well as support skills in the local tourism industry, after signing separate MOUs with the oil and tourism ministries, the newspaper reported.<\/p>\n<p><strong>Banque Misr has received USD 75 mn from the Green for Growth Fund (GGF) and Sanad <\/strong><strong>Fund<\/strong> <strong>for on-lending to green projects <\/strong>as well as micro-, small- and medium-sized enterprises, according to a <a href=\"https:\/\/ent.news\/2022\/3\/Press-Release-Banque-Misr-Joins-Forces-with-GGF-and-SANAD_March-2022.pdf\">press release (pdf)<\/a>. Some USD 40 mn of the funding is from GGF and USD 35 mn from Sanad. Both funds are backed by German development bank KfW, among others.<\/p>\n<p><strong>This is the GGF\u2019s second green lending agreement in Egypt in a month: <\/strong>State-owned Banque du Caire <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab084adb-2d22-462b-81a7-07ade08538b3\">last month<\/a> snagged USD 30 mn from the GGF for on-lending to green projects. The loan marked the GGF\u2019s first tier-two investment in Egypt, after it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/03a3106b-cabc-4e8c-8cbd-742d79570cd8\">received a license<\/a> from the Central Bank of Egypt (CBE) in January to provide funds to local banks for on-lending.<\/p>\n<hr class=\"grey-line\">\n<p><strong>*** MORE COMPETITION IN CONSUMER FINANCE:<\/strong> The National Investment Bank has established an EGP 100 mn <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/501c48dd-a42e-4512-b6be-60ee775d5044\">consumer financing arm<\/a> \u2014 the Egyptian Company for Consumer Finance Services \u2014 for its subsidiary <a href=\"https:\/\/www.ayadyegypt.com\/#\">Ayady Investment and Development<\/a>, which plans to release its first product in 3Q2022, Ayady announced in a <a href=\"https:\/\/ent.news\/2022\/3\/Consumer-Finance-Press-Release-1-1.pdf\">press release (pdf)<\/a>.<\/p>\n<p><strong>MEANWHILE: <\/strong>EFG Hermes\u2019 fintech platform <strong>valU is targeting <\/strong><strong><a href=\"https:\/\/bit.ly\/3MqLeig\">750k customers and EGP 5 bn<\/a><\/strong><strong> in sales this year<\/strong>, while <strong>Egypt Post is set to launch <\/strong><strong><a href=\"https:\/\/bit.ly\/37aebyZ\">e-payment services<\/a><\/strong> via its mobile app.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The European Bank for Reconstruction and Development (EBRD) has put pen to paper on its financing of the Alexandria metro project, which will see it provide the Transport Ministry with EUR 250 mn to transform the Abu Qir railway into an electrified metro line. Al Borsa reports that the EBRD and the ministry signed the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[9621,111,1283,576,514,571,84,244,72,183,7111,1282,585,595,150,126,515],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544483","post","type-post","status-publish","format-standard","hentry","category-also-on-our-radar","tag-alexandria-metro","tag-also-on-our-radar","tag-ayady-investment-and-development","tag-banque-misr","tag-consumer-finance","tag-ebrd","tag-efg-hermes","tag-electricity","tag-enterpriseam","tag-fintech","tag-infrastructure","tag-kfw","tag-national-investment-bank","tag-non-banking-financial-services","tag-renewable-energy","tag-sudan","tag-valu","wpautop","entry"],"acf":{"mongo_id":"169dfb05-125a-4071-bb81-af610f454a22","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[544461],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>EBRD, Green Growth and Sanad funds all have money for Egypt + more competition in consumer finance - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/ebrd-green-growth-and-sanad-funds-all-have-money-for-egypt-more-competition-in-consumer-finance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EBRD, Green Growth and Sanad funds all have money for Egypt + more competition in consumer finance\" \/>\n<meta property=\"og:description\" content=\"The European Bank for Reconstruction and Development (EBRD) has put pen to paper on its financing of the Alexandria metro project, which will see it provide the Transport Ministry with EUR 250 mn to transform the Abu Qir railway into an electrified metro line. Al Borsa reports that the EBRD and the ministry signed the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/ebrd-green-growth-and-sanad-funds-all-have-money-for-egypt-more-competition-in-consumer-finance\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-06T03:35:12+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/ebrd-green-growth-and-sanad-funds-all-have-money-for-egypt-more-competition-in-consumer-finance\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/ebrd-green-growth-and-sanad-funds-all-have-money-for-egypt-more-competition-in-consumer-finance\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"EBRD, Green Growth and Sanad funds all have money for Egypt + more competition in consumer finance\",\"datePublished\":\"2022-03-06T03:35:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/ebrd-green-growth-and-sanad-funds-all-have-money-for-egypt-more-competition-in-consumer-finance\/\"},\"wordCount\":340,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"Alexandria metro\",\"ALSO ON OUR RADAR\",\"Ayady Investment and Development\",\"Banque Misr\",\"consumer finance\",\"EBRD\",\"EFG Hermes\",\"electricity\",\"EnterpriseAM\",\"Fintech\",\"infrastructure\",\"Kfw\",\"National Investment Bank\",\"non-banking financial services\",\"renewable energy\",\"Sudan\",\"ValU\"],\"articleSection\":[\"Also on our Radar\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/ebrd-green-growth-and-sanad-funds-all-have-money-for-egypt-more-competition-in-consumer-finance\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/ebrd-green-growth-and-sanad-funds-all-have-money-for-egypt-more-competition-in-consumer-finance\/\",\"name\":\"EBRD, Green Growth and Sanad funds all have money for Egypt + more competition in consumer finance - 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The Transport Ministry signed the final agreement with the\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":558665,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/22\/more-ebrd-finance-for-the-cairo-metro\/","url_meta":{"origin":544483,"position":1},"title":"More EBRD finance for the Cairo Metro?","author":"enterpriseam admin","date":"22 August 2021","format":false,"excerpt":"Egypt could receive an EUR 250 mn loan from the European Bank for Reconstruction and Development (EBRD) to finance upgrades at Cairo Metro Line 2, according to the bank\u2019s website. The finance, which would be used to upgrade existing rolling stock and purchase new locomotives, is still being reviewed by\u2026","rel":"","context":"In &quot;Development finance&quot;","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/219.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591748,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/16\/world-bank-ebrd-to-lend-egypt-usd-1-bn-for-new-alexandria-metro-line\/","url_meta":{"origin":544483,"position":2},"title":"World Bank, EBRD to lend Egypt USD 1 bn for new Alexandria metro line","author":"enterpriseam admin","date":"16 December 2019","format":false,"excerpt":"World Bank, EBRD to lend Egypt USD 1 bn for new Alexandria metro line: The World Bank and the European Bank for Reconstruction and Development have agreed to provide a USD 1 bn loan to partially finance the project to convert Alexandria\u2019s Abu Qir railway into an underground metro, sources\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544535,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/ebrd-to-double-down-on-sczone-digitization-support\/","url_meta":{"origin":544483,"position":3},"title":"EBRD to double down on SCZone digitization support","author":"enterpriseam admin","date":"8 March 2022","format":false,"excerpt":"EBRD to offer more support for SCZone\u2019s digital transformation: The European Bank for Reconstruction and Development (EBRD) signed an agreement on Saturday to extend its assistance for the digitalization of the Suez Canal Economic Zone, the bank said in a statement yesterday. The lender has already completed the first phase\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":563458,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/04\/eur-3-mn-ebrd-grant-gets-the-presidential-seal-of-approval\/","url_meta":{"origin":544483,"position":4},"title":"EUR 3 mn EBRD grant gets the presidential seal of approval","author":"enterpriseam admin","date":"4 July 2021","format":false,"excerpt":"Something else we\u2019re keeping our eye on this morning: President Abdel Fattah El Sisi has ratified a EUR 3.05 mn grant from the European Bank for Reconstruction and Development (EBRD) to finance the development of Cairo Metro Line 1, according to the Official Gazette (pdf). The cabinet greenlit the loan\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":627629,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/06\/ebrd-transport-ministry-near-new-loan-agreement-to-purchase-cairo-metro-line-2-locomotives\/","url_meta":{"origin":544483,"position":5},"title":"EBRD, Transport Ministry near new loan agreement to purchase Cairo Metro Line 2 locomotives","author":"enterpriseam admin","date":"6 June 2018","format":false,"excerpt":"The European Bank for Reconstruction and Development (EBRD) is \u201cfinalizing\u201d a new loan agreement with the Transport Ministry to finance the purchase of six new locomotives for Cairo Metro Line 2, EBRD Managing Director for the Southern and Eastern Mediterranean Janet Heckman says. Heckman did not disclose the size of\u2026","rel":"","context":"In &quot;Automotive + Transportation&quot;","block_context":{"text":"Automotive + Transportation","link":"https:\/\/enterpriseam.com\/egypt\/category\/automotive-transportation\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544483","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=544483"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544483\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/544461"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544483"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544483"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}