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- EBRD provides a US$ 20 million financing package to ALEXBANK in Egypt
- Financing to be extended under the Green Economy Financing Facility II
- EU-funded technical cooperation package to expand green lending for local households and MSMEs to invest in climate technologies and services
The European Bank for Reconstruction and Development (EBRD) is extending a US$ 20 million (€18 million) financing package to ALEXBANK, part of the Intesa Sanpaolo Group - within the International Banks Division.
The package includes a US$ 17 million (€14.9 million) loan under the Bank’s Green Economy Financing Facility II (GEFF II), supported by the European Union (EU), of which US$ 3 million (€2.6 million) will be co-financed by the Green Climate Fund (GCF).
ALEXBANK will lend this new finance on to local households and private micro, small and medium-sized enterprises (MSMEs) for investments in climate adaptation and mitigation technologies and services.
The EBRD will also provide incentive grants to borrowers under the GEFF II facility upon successful completion and verification of their green investments to promote the adoption of advanced climate technologies by eligible MSMEs.
The facility will be supported by a comprehensive technical cooperation package funded by the EU to assist ALEXBANK with training and capacity-building initiatives and to support project implementation. The training activities will promote equal access to climate finance and green technologies for women and men.
Mark Davis, EBRD Managing Director for the Southern and Eastern Mediterranean region, said: “We are proud to join forces with ALEXBANK to support Egypt’s green transition and to accelerate the adoption of innovative climate technology solutions by households and MSMEs. Through the success of our GEFF II programme and with generous support from the EU and the GCF, we are helping to drive sustainable growth and creating opportunities for inclusive development.”
Paolo Vivona, Chief Executive Officer and Managing Director of ALEXBANK, said: "ALEXBANK’s partnership with the EBRD under GEFF II marks a significant milestone in the bank’s commitment to Egypt’s green transition. ALEXBANK is dedicated to promoting sustainable development and innovative green solutions, enabling households and MSMEs to invest in climate adaptation and mitigation technologies and support a more sustainable economy in line with the strategy of the Intesa Sanpaolo Group.”
ALEXBANK partnered with the EBRD for the first time in 2016, when it signed an SME credit line and Trade Facilitation Programme facility for a total of US$ 100 million (€85.1 million), and again in 2017, when it availed of a second loan of US$ 30 million (€25.5 million) under the Egypt Sustainable Energy Financing Facility programme, co-financed by the European Investment Bank.
ALEXBANK, established in 1957 and part of the Intesa Sanpaolo Group since 2007, is one of Egypt’s leading private sector banks with 173 branches nationwide, serving 1.85 million customers through over 4,300 employees. It offers comprehensive financial solutions for retail, small business, medium, and corporate clients.
Egypt is a founding member of the EBRD. Since the start of its operations there in 2012, the Bank has invested just over €13.8 billion in 209 projects across the country.