NBE Signs $120 Mn Credit Facility Deal With French Development Agency to Support Climate Projects
The National Bank of Egypt and the French Development Agency (AFD) have signed a €100 million ($119.6 million) credit facility agreement to finance climate and sustainable development-related projects in Egypt, according to a bank statement cited by media reports.
The facility will allow the bank to support the transition to a climate-friendly financial system, said NBE Chairman Hisham Okasha.
A total of 60 percent of the credit facility will be allocated to projects concerned with mitigating the effects of climate change, while the remaining 40 percent will focus on climate change adaptation projects, the statement added.
The AFD will also provide the National Bank of Egypt with a technical assistance grant worth €1.5 million ($1.8 million) to support sustainable development, as part of the transition to a climate-friendly financial system program.
The World Bank\'s executive directors have agreed to cooperate with Egypt on a new project that includes $200 million worth of investments aimed at improving air quality and combating climate change, International Cooperation Minister Rania Al-Mashat said previously.