Egypt’s Commercial International Bank has strengthened its collaboration with the European Bank for Reconstruction and Development (EBRD) by signing two new agreements to finance women-led SMEs and sustainable projects aimed at environmental preservation.
Agreements Signed at EU Investment Conference
Commercial International Bank (CIB) has secured loan agreements totaling $60 million USD with the EBRD. These agreements, aimed at financing green projects and supporting women-led businesses in Egypt, were signed during the European Union’s investment conference in Cairo, held from June 29th to 30th.
Majority of Funds for Climate Change Mitigation and Adaptation
The majority of this funding, $50 million USD, will be allocated to investments in technologies that mitigate and adapt to climate change. The financing will support private companies across various sectors, including agribusiness, manufacturing, services, logistics and distribution, as well as information and communication technologies.
Empowering Women-Led SMEs
The remaining $10 million USD will be on-lent to women entrepreneurs who own SMEs with fewer than 250 employees and an annual turnover of less than €50 million in Egypt. These loans, targeting diverse sectors and industries, aim to strengthen the capabilities of small businesses led by women.
EBRD’s Commitment to Egypt’s Green Transition
Through these agreements, “the EBRD aims to support Egypt’s transition towards a greener economy and stronger participation of women in business by increasing access to finance and intensifying climate adaptation investments,” stated Jürgen Rigterink, EBRD Vice President.
EBRD’s Long-Standing Presence in Egypt
The EBRD has been operating in Egypt since 2012. To date, the country has received over €12 billion in investments, funding that has supported more than 180 projects across various sectors.