Provision of a senior unsecured loan to National Bank of Egypt ("NBE") of up to USD 100 million.
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.
ETI score: null
The transition impact of the project will draw on 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, fully owned by the Government of Egypt. With total assets of EUR 107 billion as at end-June 2020, NBE has a market share of 31% by assets, 33% by loans, and 34% by deposits.
EBRD Finance Summary
Total Project Cost
The project offers a combination of longer-term financing and technical expertise into a package that promotes targeted investment in sustainable energy and climate change mitigation, in the highly diversified private sector in Egypt.
Environmental and Social Summary
Categorised FI (2019 ESP). NBE is an existing client of the Bank and has been satisfactorily implementing the Bank's E&S requirements under existing exposure. The bank will be required to continue to comply with EBRD's Performance Requirements (PRs) 2, 4 and 9, apply the EBRD's relevant E&S Risk Management Procedures including the updated exclusion and newly introduced Referral List stemming from EBRD's 2019 E&S Policy. NBE's E&S performance will be monitored through the review of annual reports submitted to the Bank.
Technical Cooperation and Grant Financing
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.
Company Contact Information
1187 Corniche El nil, Cairo, Egypt
PSD last updated
11 May 2021
Further information regarding the EBRD’s approach to measuring transition impact is available here.
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Environmental and Social Policy (ESP)
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More information on the EBRD’s practices in this regard is set out in the ESP.
Integrity and Compliance
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Access to Information Policy (AIP)
The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.
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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).
IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.
Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM via email email@example.com to get guidance and more information on IPAM and how to submit a request.