The European Investment Bank (EIB) has released a new installment of the $15 million renewable and efficiency financing loan to Intesa Sanpaolo Group's Egyptian subsidiary, ALEXBANK, the banks announced on Wednesday. The announcement was made during the Europe-Egypt Energy connectivity Event held at the Swedish Embassy in Cairo. The funding is part of the Egypt-Green Economy Financing Facility (GEFF) initiative. This means it will to boost the economic modernisation and environmental sustainability by offering loans to Egyptian businesses, especially small and medium sized enterprises (SMEs). The EIB and European Bank for Reconstruction and Development (EBRD) backed GEFF also offers financing for business investments by local financial partners. The GEFF will be aiding businesses in the Egyptian market in securing investments aimed at reducing energy and water consumption, enhancing product quality, and boosting competitiveness. "This cooperation aligns with the Egypt's current priorities and efforts to expand private sector engagement in development initiatives," said Minister of International Cooperation, Rania Al-Mashat. "The EIB works with leading banks around the world to accelerate investment that cuts carbon emissions and harnesses renewable energy. This new partnership with ALEXBANK will enable Egyptian business to embrace green energy, cut energy bills and contribute to climate action," said EIB Vice President, Gelsomina Vigliotti. The GEFF initiative provides finance and best practice advice to help the Egyptian private sector businesses improve their competitiveness.
