Switzerland backs Egypt's new smart cities plan as inclusive framework – envoy    Egypt backs Sudan sovereignty, urges end to El-Fasher siege at New York talks    Egyptian pound weakens against dollar in early trading    Egypt's PM heads to UNGA to press for Palestinian statehood    As US warships patrol near Venezuela, it exposes Latin American divisions    More than 70 killed in RSF drone attack on mosque in Sudan's besieged El Fasher    Al-Wazir launches EGP 3bn electric bus production line in Sharqeya for export to Europe    Egypt, EBRD discuss strategies to boost investment, foreign trade    DP World, Elsewedy to develop EGP 1.42bn cold storage facility in 6th of October City    Global pressure mounts on Israel as Gaza death toll surges, war deepens    Cairo governor briefs PM on Khan el-Khalili, Rameses Square development    El Gouna Film Festival's 8th edition to coincide with UN's 80th anniversary    Cairo University, Roche Diagnostics inaugurate automated lab at Qasr El-Ainy    Egypt expands medical, humanitarian support for Gaza patients    Egypt investigates disappearance of ancient bracelet from Egyptian Museum in Tahrir    Egypt launches international architecture academy with UNESCO, European partners    Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire    Egypt's Cabinet approves Benha-Wuhan graduate school to boost research, innovation    Egypt hosts G20 meeting for 1st time outside member states    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



KfW's Green for Growth Fund wins licence to provide Tier II capital to Egyptian banks
Published in Amwal Al Ghad on 24 - 01 - 2022

German development bank KfW's Green for Growth Fund (GGF) announced on Monday it had been granted a licence from Egypt's central bank to act as a "tier-two" lender in the country.
The approval will enable the impact fund to commit supplementary capital to help banks in the country increase their support for Egypt's economic development and sustainability transition, GGF statement read.
By strengthening the capital base of banks in Egypt, GGF said it aims to further mitigate climate change and promote energy efficiency and renewable energy measures in the country.
"The GGF has been a significant driver of green finance in the Middle East and North Africa since 2016 and remains resolute in its mission to create meaningful green impact by financing measures that mitigate climate change and foster sustainable economic development." the statement further read.
"The fund accomplishes this by channeling dedicated financing through local partner financial institutions, enabling the GGF to support businesses and households while building catalytic green finance capacities within the financial sector,"
Egypt is currently the largest of the 17 target countries of GGF, with more than €157 million ($177.6 million) in investments has been disbursed so far across eight partner institutions in the country.
"We are delighted by the approval from the Central Bank of Egypt (CBE) as this enables us to offer our partners Tier II capital which will ultimately help them operate with increased confidence and agility, meeting the needs of businesses and households while systemically bolstering the availability of tailored green financing." GGF Chairman Olaf Zymelka said.
Green for Growth Fund (GGF) Chairman Olaf Zymelka (GGF photo)
"We will continue to demonstrate our commitment towards promoting sustainable finance in Egypt and stand ready to support the CBE and other stakeholders in the country in their sustainability transition, including potential joint initiatives at the COP 27,"
The Fund will continue to demonstrate its commitment towards promoting sustainable finance in Egypt and stand ready to support the CBE and other stakeholders in the country in their sustainability transition, Zymelka added.
The GGF was initiated as a public-private partnership in December 2009 by Germany's KfW Development Bank and the European Investment Bank (EIB), with financial support from the European Commission, the German Federal Ministry for Economic Cooperation and Development, the European Bank for Reconstruction and Development (EBRD), and the Austrian Development Bank (OeEB).
The fund invests in measures designed to cut energy use and CO2 emissions, and improve resource efficiency in 19 markets across Southeast Europe, the Caucasus, Ukraine, Moldova, the Middle East, and North Africa. It provides such financing directly to renewable energy projects, corporates and municipalities or indirectly via selected financial institutions.


Clic here to read the story from its source.