GGF JOINS EXPORT DEVELOPMENT BANK OF EGYPT TO HELP LOCAL EXPORTERS IMPROVE ENERGY EFFICIENCY
Luxembourg and Cairo, November 1, 2018 – The Green for Growth Fund (GGF) has partnered with Export Development Bank of Egypt to mainly promote energy-efficient business practices among local exporters and support renewable energy measures.
Export Development Bank of Egypt is a full-service bank with a focus on lending to exporters, which constitute about 75% of its borrowers. The bank is ideally poised for energy-efficiency lending as most of its borrowers are planning to expand operations in the wake of a recent economic upturn, and the associated machinery and equipment upgrades are opportune for improved efficiency.
Export Development Bank of Egypt caters to all economic sectors, with a special focus on manufacturing segments. This means that GGF’s funds can be channelled into a wide array of expanding businesses (mainly small and medium enterprises) seeking energy efficiency to improve their competitiveness on the global markets. The bank also has a focus on import substitution projects to help promote local production, which would directly translate to a smaller carbon footprint owing to shorter transportation routes. Estimated energy saving of approximately 49,909 MWh and CO2 emission reductions of approximately 11,363 metric tons are expected through GGF’s engagement with the bank.
GGF Chairman Olaf Zymelka stated: “We are glad to see the initiative shown by the management of Export Development Bank of Egypt. Given their experienced team and secure footing in the Egyptian market, we are confident that our partnership will lead to a long-term positive impact on the energy efficiency of the exporters. We also hope that together we will be able to cultivate energy consciousness among local producers, lending some momentum to the trend of environment friendly business practices in Egypt.”
Mervat Soltan, EBE Chairperson said that the signed agreement with GGF is aligned with the Bank’s strategy in relation to corporate social responsibility. “The agreement will contribute to the preservation and enhancement of the environment through limiting pollution as well as mitigating the factors harming the environment”, he added.
ABOUT THE GGF
The Green for Growth Fund invests in measures designed to cut energy use and CO2 emissions and improve resource efficiency 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.
ABOUT EXPORT DEVELOPMENT BANK OF EGYPT
Export Development Bank of Egypt was established in 1983 for the purpose of boosting Egyptian exports and supporting establishments of agricultural, industrial, commercial and services sectors. Soon after, the Bank became the main funding source of exports operations in Egypt. Through its outstanding performance and policy, based on diversified investments, the Bank was able to grow more and more, and achieve efficiency and a strong financial position. This has helped the Bank to attain the confidence of exporters, owners of small and medium-size enterprises and individuals, in addition to the trust of local and international financial institutions.
The Bank plays a vital role in supporting Egyptian exporters and facilitating the access of Egyptian products to markets worldwide through the extension of finance of export and import substitution projects to help improving the local production. This goes along with its significant role in participating in syndicated loans and equity participations of these projects. The Bank extends its full-fledged financing and Banking services to exporters and its entire customer base.
Media contact GGF
Manager, Marketing & Communications
Phone: +49 (0)69 271 035-171
Media contact Export Development Bank of Egypt
Ghada Anis Kelada
Corporate Communication Manager
Phone: +202 3761 9006