GGF AND BANQUE DU CAIRE PARTNER TO SAVE ENERGY AND CUT CO2 EMISSIONS IN EGYPT
• A new USD 10 million senior loan will support financing of energy efficient equipment for SMEs
• EE measures financed with the GGF loan are projected to result in annual primary energy savings of approx. 40,909 MWh and CO2 emission reductions of approx. 11,363 metric tons
Luxembourg and Cairo, Egypt, 7 December 2017 – The Green for Growth Fund (GGF) has announced a USD 10 million loan to Banque du Caire to finance measures that will reduce energy use and CO2 emissions in Egypt. Banque du Caire is the GGF’s third partner in the country after the GGF expanded its target region to six countries in the Middle East and North Africa in 2016.
Banque du Caire will use the loan to provide energy efficiency loans to small and medium enterprises (SMEs) in order to upgrade their industrial equipment and machinery. The bank has significant experience with SMEs and will use their broad network to promote energy efficiency. As a committed partner in energy efficiency, Banque du Caire is also undertaking its own internal efforts to improve energy efficiency within their head office and branches.
GGF Chairman Christopher Knowles stated: “We are very pleased about this partnership with Banque du Caire to bring much needed energy efficiency financing to businesses in Egypt. This financing will support the acceleration of investments in energy efficiency and raise market awareness among small and medium enterprises in the Middle East and North Africa.”
ABOUT THE GGF
The Green for Growth Fund invests in measures designed to cut energy use and CO2 emissions by a minimum of 20% in 19 markets across Southeast Europe, the Caucasus, Ukraine, Moldova, the Middle East and North Africa. The fund provides financing to local partners that on-lend to enterprises and private households, and it invests directly, primarily through the contribution of senior debt, in renewable energy projects. The GGF’s Technical Assistance Facility maximizes the fund’s investment impact through support for capacity building at local financial institutions and partners.
The GGF was initiated as a public-private partnership in December 2009 by Germany’s KfW Development Bank and the European Investment Bank, with financial support from the European Commission, the German Federal Ministry for Economic Cooperation and Development, the European Bank for Reconstruction and Development, and the Austrian development bank OeEB. The fund’s growing investor base comprises donor agencies, international financial institutions and institutional private investors, including the International Finance Corporation, the Dutch development bank FMO, the German ethical bank GLS, and Church of Sweden. The GGF is advised by Finance in Motion GmbH. MACS Management & Consulting Services GmbH, Frankfurt am Main acts as the technical advisor.
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