EBRD loans NBE $100 million to support Egyptian SMEs

The European Bank for Reconstruction and Development (EBRD) is lending the National Bank of Egypt (NBE) $100 million to benefit small and medium-sized enterprises (SMEs) in the North African country.

The loan aims to support energy efficiency, climate change mitigation and the introduction of adaptation technologies in Egypt, EBRD said in a statement on Thursday.

“NBE will on-lend the funds to SMEs in industry, commerce, and agriculture to help improve the use of energy, water and land resources, as well as investments in high-performing technologies, to support the Egyptian economy.” EBRD statement read.

“Businesses can identify typical green technologies available in Egypt through the Green Economy Financing Facility (GEFF) Technology Selector.”

This is EBRD’s third GEFF loan provided to NBE, which will also benefit from a comprehensive technical cooperation programme. As part of the project, the Egyptian bank will strengthen climate corporate governance at an institutional level.

NBE, the biggest public lender in Egypt, initiated its cooperation with the EBRD in 2013. Their cooperation included credit and trade finance lines, also to support women entrepreneurs and youth-led and -owned businesses and to strengthen energy efficiency.