Translated version of this PSD: Arabic
Provision of a senior unsecured loan to National Bank of Egypt ("NBE") of up to USD 100 million, of which up to USD 75 million to be provided by EBRD and up to USD 25 million by the Green Climate Fund ("GCF") under the GCF-Green Economy Financing Facility ("GEFF") Regional Framework.
The proceeds of the loan will be used for financing investments in climate change mitigation and adaptation technologies across the industrial, commercial, transport and agricultural sectors by local private sector Small and Medium Enterprises ("SMEs"), in line with the standards and reporting requirements for GEFF in Egypt.
The transition impact of the project will come from the provision of funding and technical assistance to financial intermediaries to finance high-performing climate change mitigation and adaptation technologies and solutions. This will promote the transition to environmentally sustainable, low-carbon and climate-resilient economies.
NATIONAL BANK OF EGYPT
NBE is the largest commercial bank in Egypt wholly owned by the Government of Egypt. With total assets of EUR 78 billion as at December 2018, NBE has a market share of 26-30% by assets, loans and deposits.
EBRD Finance Summary
Total Project Cost
Environmental and Social Summary
Categorised FI (2014). NBE has been satisfactorily implementing the Bank's E&S requirements under existing exposure and has submitted Annual Environmental Report for 2015. The bank will be required to continue to comply with EBRD's Performance Requirements (PRs) 2, 4 and 9, apply the EBRD's E&S Risk Management Procedures for SME and Micro Loans and report annually to the EBRD on implementation of the Procedures and the PRs.
The project will be supported by a comprehensive technical cooperation programme to provide implementation support to NBE, its customers and verification of the outcome of completed projects. The technical cooperation is expected to be funded by GCF and by the grant resources from the EBRD Shareholder Special Fund ("SSF").
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