The European Bank for Reconstruction and Development (EBRD) signed Egypt's first sustainability-linked financing agreement with Banque Misr on Thursday, unlocking $100 million in funding to support green and inclusive growth in the country's financial sector, the government said in a statement. The agreement was signed in the presence of Egypt's Minister of Planning and Economic Development, Rania Al-Mashat, who also serves as Egypt's Governor at the EBRD. Minister Al-Mashat said the Ministry is working with international partners and local institutions to expand access to innovative financing tools that bolster private sector growth. She added that Egypt is enhancing cooperation with the Federation of Egyptian Banks to help local lenders benefit from international credit lines and technical assistance. Concessional financing to the private sector is critical for boosting growth, creating jobs, and attracting local and foreign investment, she said, adding that Egypt has secured more than $15.6 billion in concessional finance for the private sector since 2020—over 40 per cent of which was directed to financial institutions. Minister Al-Mashat noted that the Ministry is working through a cooperation protocol signed with the Federation of Egyptian Banks last month to expand the banking sector's access to finance via the Hafiz Platform. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
