EBRD And CIB Unite To Boost Green And Women-Led Ventures In Egypt
The European Bank for Reconstruction and Development (EBRD) has partnered with the Commercial International Bank (CIB) to secure a US$ 60 million (€55.9 million) financing package. This initiative aims to boost green investments and support women-led businesses in Egypt.
The financing package includes a $50 million Green Economy Financing Facility (GEFF II), supplemented by an additional $7.5 million from the Green Climate Fund (GCF). This funding will support climate change mitigation and adaptation technologies across sectors like agribusiness, manufacturing, services, logistics, and ICT. The initiative also features investment incentive grants from the European Union (EU), amounting to up to €5.2 million, encouraging local micro, small, and medium-sized enterprises (MSMEs) to adopt eco-friendly technologies and build resilient green supply chains.
Focus on Women-Led Businesses
Additionally, the package includes a $10 million EBRD Women in Business loan aimed at promoting women's economic participation. This initiative provides financial support, advisory services, training, and mentoring specifically tailored for women-led small businesses across various sectors.
This marks the third GEFF II credit line in Egypt by the EBRD, GCF, and EU. The goal is to foster a greener, more inclusive, and competitive local economy through enhanced financing for MSMEs.
Commitment to Sustainable Growth
The agreements were formalized during the EU Investment Conference in Cairo. EBRD First Vice President Jürgen Rigterink attended the event and emphasized their commitment: "We are committed to supporting Egypt's transition to a greener economy and enhancing women's role in business by facilitating access to finance and intensifying climate adaptation investments in collaboration with our EU and GCF partners."
CIB Deputy CEO and Managing Director Amr El Ganainy expressed satisfaction with the collaboration. He highlighted CIB's dedication to providing sustainable financial solutions to MSMEs in Egypt.
Role of CIB in Egypt's Economy
CIB is a leading private-sector bank in Egypt that serves a wide range of clients including major corporations, enterprises of all sizes, institutions, and households. The bank's extensive network and comprehensive financial services play a pivotal role in shaping Egypt's banking landscape and fostering economic development.
Since its inception in Egypt in 2012, the EBRD has invested over €12 billion in 180 projects. These projects focus on various sectors including finance, agribusiness, manufacturing, services, infrastructure such as power and water, and transport upgrades. Egypt's longstanding partnership with the EBRD underscores mutual commitment to sustainable economic growth and development.
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