French Development Agency, CIB Egypt ink €80mn letter of intent
Egypt’s biggest private bank, Commercial International Bank (CIB) has signed wih the French Agency Group Development (AFD) a letter of intent for a credit facility total amount of 80 million euros.
French Prime Minister Manuel Valls, who is visiting Egypt on October 10-11th, has attended jointly with his Egyptian counterpart Sherif Ismail, the signature ceremony of a letter of intent between the AFD and the CIB.
Such credit lines couples, one of €60 million provided by AFD to finance projects with climate’s benefits, particularly in the renewable energy sector and, in the other hand, the second is a credit facility of €20 million provided by Proparco, AFD’s subsidiary dedicated to private sector’s financing, in order to promote access to finance for small and medium enterprises (SMEs), CIB said in a press statement Sunday.
Such credit line comprises, one of EUR 60 million provided by AFD to finance projects with climate’s benefits, particularly in the renewable energy sector and, on the other hand, the second is a credit facility of EUR 20 million provided by Proparco, AFD’s subsidiary dedicated to private sector’s financing, in order to promote access to finance for small and medium enterprises (SMEs).
Through such funding, the AFD’s Group and CIB want to encourage and promote private investment with environmental and/or climate benefits.
The AFD’s credit facility should, in particular, help to catalyze financing from the banking sector, local and/or international, towards renewable energy projects led by the private sector. Thus, it supplements the AFD’s Group activities in supporting the development of renewable energies.
In addition, such funding is fully in line with the COP 21’s Agenda, whose one of the main issues focuses on the mobilization of private financing, in particular from banking institutions, to promote the fight against climate change.
Through such funding, the AFD’s Group and CIB want to encourage and promote private investment with environmental and/or climate benefits. The AFD’s credit facility should, in particular, help to catalyze financing from the banking sector, local and/or international, towards renewable energy projects led by the private sector. Thus, it supplements the AFD’s Group activities in supporting the development of renewable energies.
In addition, such funding is fully in line with the COP 21’s Agenda, whose one of the main issues focuses on the mobilization of private financing, in particular from banking institutions, to promote the fight against climate change.
CIB and AFD’s Group have maintained for many years an active partnership, through various development programmes, such as the industrial depollution programme -EPAP-, in which CIB is a participating bank, or the SASME’s programme, which aims to supporting agricultural SMEs, and whose grant agreement was also signed today.
