EBRD grants $20 million loan to Crédit Agricole Egypt to support SMEs and green investments 

The European Bank for Reconstruction and Development (EBRD) announced that it is set to boost small businesses and green investments in Egypt by providing a loan of $20 million to Crédit Agricole Egypt, one of Egypt’s largest commercial banks and a subsidiary of Crédit Agricole Group.  

The loan will be utilised for on-lending to local small and medium-sized enterprises (SMEs) and households. It entails $ 3 million of the concessional finance from the Green Climate Fund (GCF).  

Crédit Agricole Egypt’s funding will receive backing from the European Union (EU), which will offer up to €2.05 million in incentive payments for verified and successfully executed projects. 

Also read: Spain’s Zelestra secures additional €225 million for clean energy projects 

In addition, the EU will supply a thorough technical assistance package of up to €6.2 million for all financial institutions and their clients participating in the program and for policy discussions. 

Heike Harmgart, EBRD Managing Director for the SEMED region, said: “We are very happy to continue deploying GEFF II in Egypt with the EU and GCF’s support to promote green investments, in line with our Green Economy Transition approach.”  

She added, “We are proud to strengthen our partnership with Crédit Agricole Egypt, supporting small businesses and households and increasing finance for greener projects.” 

Crédit Agricole Egypt will extend EBRD’s financing to private sub-borrowers, including individual households and SMEs in various sectors for green and energy-efficient projects, helping Egypt transition to a greener economy. This is the first program of its kind in Egypt and the wider southern and eastern Mediterranean region.