France’s AFD, NBE sign €100 million credit facility agreement

The National Bank of Egypt (NBE) and the French Development Agency (AFD) have signed a credit facility agreement worth €100 million ($119.6 million) to finance climate conservation and sustainable development-related projects in Egypt.

Hisham Okasha, NBE chairman, said that the credit facility is part of the partnership between the bank and AFD which has been established since 2010, according to a statement issued on Thursday.

Okasha added that the agreement is in line with the global programme aiming to drive the transition to a climate-friendly financial system.

Meanwhile, a total of 60 percent of the credit facility will be dedicated to projects seeking to mitigate the effects of climate change, while the remaining 40 percent will focus on climate change adaptation projects.

As part of the transition to a climate-friendly financial system programme, the AFD will provide the National Bank of Egypt with € 1.5 million technical assistance grant to support sustainable development.