EBRD and EU support young entrepreneurs in Egypt

The EBRD package will be complemented by investment incentives provided by the European Union’s Neighbourhood Investment Platform (NIP) Egypt Micro and Small Financial Inclusion Programme. The incentives will support MSMEs that have been hit by increased costs and business disruptions related to the Covid-19 pandemic.  

The signing ceremony took place in the presence of EBRD First Vice President Jürgen Rigterink and QNB ALAHLI Chief Executive Officer Mohamed Bedeir at the COP27 climate conference in Sharm el-Sheikh.  

At the event, the EBRD and QNB ALAHLI also signed a new agreement under the EBRD Green Economy Financing Facility (GEFF), supported by the EU. QNB ALAHLI will extend EBRD financing to private sub-borrowers, including companies and MSMEs, for green investments, such as renewable energy and energy efficiency projects. With this new financing, the cooperation between the two partners will reach US$ 185 million in funds to be on-lent for green projects. 

Cumulatively to date, the EBRD’s cooperation with QNB ALAHLI on various projects has been worth more than US$ 750 million.  

Egypt is a founding member of the EBRD. Since the start of its operations there in 2012, the Bank has invested more than €10.3 billion in 154 projects across the country.