EBRD Lends National Bank of Egypt $30mn to Support Renewable Projects

The European Bank for Reconstruction and Development (EBRD) is lending again one of Egypt’s state-run biggest banks, the National Bank of Egypt, in support of renewable energy projects.

On Thursday, NBE received US$30 million financing from the European lender, to fund a number of renewable energy projects in the country.

It is the second financing received by the NBE from EBRD, said Soha Soliman, Head of Small and Medium Enterprises (SMEs) at the Egyptian bank.

NBE had previously obtained an EBRD financing totalling US$50 million, distributed as US$30 million in support of small-sized projects and US$20 million for funding projects run by Egyptian women.

Soliman further said NBE may eventually cooperate with the Egyptian Social Fund for Development (SFD), to allocate a certain portion of EBRD’s latest financing for the support of clean and solar energy projects in the country.