EBRD promotes energy efficiency, renewable energy in Egypt
The European Bank for Reconstruction and Development is boosting renewable energy and energy efficiency in Egypt with a USD 25 million loan to the National Bank of Kuwait Egypt (NBKE), the EBRD said in a statement.
Fifteen percent of the total loan amount is being co-financed by the Green Climate Fund (GCF). The funds will be on lent to Egyptian small and medium-size enterprises (SMEs) and households to finance investments to mitigate the impacts of climate change.
The application of new technologies is expected to promote the transition to an environmentally sustainable, low-carbon and climate resilient economy in Egypt. The GCF and EBRD's partnership for transformation has seen the GCF support six EBRD programs to the tune of USD 830 million, catalyzing more than USD 3.6 billion in total project value.
The GCF is the world's largest climate fund, supporting developing-country efforts to respond to the challenges of climate change.
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