$30 mln loan to support Egypt’s business energy efficiency

Two loans totalling $30 million (£23 million) have been announced to support energy efficiency improvements of private sector businesses in Egypt.

The European Bank for Reconstruction and Development (EBRD) and France’s AFD are providing the financing of $15 million (£12m) each to the Arab African International Bank (AAIB).

The loans will cover investments in technologies such as thermal insulation, solar panels, geothermal heat pumps and water-efficient irrigation systems, helping boost the green economy in Egypt.

The funding is provided under the Egypt Sustainable Energy Financing Facility that supports sustainable energy projects via local partner banks.

The EBRD is also supporting the import and export of green technologies under its Trade Facilitation Programme, through which it provides guarantees to international  banks, taking the political and commercial payment risk of international trade transactions undertaken by banks in the economies where it invests.

Source: Energy live news