EBRD promotes Egypt’s green economy with a loan to Banque Misr
The European Bank for Reconstruction and Development (“EBRD”) is supporting the green economy in Egypt with a USD 100 million loan to Banque Misr for on-lending to local small and medium-sized enterprises (SMEs).
The loan follows the success of the Green Economy Financing Facility (“GEFF”) in Egypt and will further support an expansion of green lending in Egypt to under-served regions for investments in climate change mitigation and adaptation technologies and services.
A technical assistance programme of Euro 2.3 million funded by the Bank and the Netherlands through the High Impact Partnership on Climate Action will also be provided to Banque Misr and as sub-borrowers to support implementation of the programme, as well as enhance awareness of green financing, particularly among female entrepreneurs.
Hunton Andrews Kurth, who acted as international counsel to EBRD, worked in collaboration with Sharkawy & Sarhan (“S&S”), who acted as external local counsel to EBRD on this transaction. S&S team was led by banking & finance partner Ahmed Haggag (pictured) and assisted by associate Raghda El Qabbage.