Provision of up to USD 25 million senior unsecured loan to National Bank of Kuwait i Egypt ("NBKE"), under the regional GCF GEFF programme. Up to USD 3.75 million of this loan is expected to be co-financed by the Green Climate Fund ("GCF") under the same conditions.
The EBRD loan will enable NBKE to (i) support on-lending to private sub-borrowers for green, energy efficiency and renewable energy projects, which are of particular relevance in the context of high-energy intensity of the Egyptian economy, and (ii) to support high performance technologies and services supporting a green economy.
ETI score: 75
ETI score: 75
The project supports the Green TI quality through the provision of funding and technical assistance to NBKE to promote private sector investments in efficient climate change mitigation and adaptation technologies. This will support building a green economy in Egypt by facilitating the accelerated market penetration of climate technologies.
NATIONAL BANK OF KUWAIT EGYPT SAE
NBKE is a commercial bank incorporated in Egypt, with total assets of EUR 3.6 billion. NBKE has a market share of 0.9%, 1.4% and 1.0 % by assets, loans and deposits, respectively as of YE 2020. It is 95% controlled by National Bank of Kuwait, Kuwait's largest bank, with over 30% market share as of YE 2020.
EBRD Finance Summary
Up to USD 25 million
Senior unsecured loan of up to USD 25 million, of which up to USD 3.75 million is expected to be co-financed by GCF.
Total Project Cost
Up to USD 25 million to be provided in USD
The project offers a combination of longer-term financing and technical expertise into a package that promotes targeted investment in sustainable energy, in the highly diversified private sector in Egypt.
Environmental and Social Summary
Categorised FI (2019 ESP). Under previous exposure, NBKE has demonstrated compliance with PRs 2, 4 and 9. The Client will be required to continue to apply the EBRD's E&S Risk Management Procedures for SME loans, including the updated exclusion and newly introduced Referral List stemming from ESP 2019. NBKE's E&S performance will be monitored through the review of annual environmental and social reports to the Bank.
Technical Cooperation and Grant Financing
NBKE is expected to benefit from the support of the grant resources from the EBRD Shareholders Special Fund ("SSF"). Donor funds will support a comprehensive technical assistance programme to provide implementation support to NBKE and its customers, and verification of the outcome of completed projects. Grants are expected to provide investment incentives to NBKE and end-borrowers.
Company Contact Information
+ 202 2614 9374
Plot 155, City Centre, First Sector, Fifth settlement, New Cairo, Cairo, Egypt.
PSD last updated
23 Apr 2021
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Independent Project Accountability Mechanism (IPAM)
If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).
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