Credit Immobilier et Hotelier secures US$29m from EBRD, GCF, EU to support green economy

MOROCCO – The European Bank for Reconstruction and Development (EBRD), supported by the Green Climate Fund (GCF) and the European Union (EU), is providing a financial package of up to €25 million (US$29.20m) to Credit Immobilier et Hotelier (CIH Bank) to support Morocco’s green transition. The financing, of which a total of €18.75 million (US$21.90m) will be provided by the EBRD and €6.25 million (US$7.30m) by the GCF, will be extended as sub-loans by CIH Bank to local citizens, small and medium-sized enterprises (SMEs) and corporates for investments in climate…

Read More

Bank of Africa – BMCE Group secures US$29.3m from EBRD to support Morocco’s green transition

MOROCCO – The European Bank for Reconstruction and Development (EBRD), supported by the Green Climate Fund (GCF) and the European Union (EU), is providing a financial package of up to €25 million (US$29.30m) to Bank of Africa – BMCE Group to support Morocco’s green transition. The financing, of which a total of €18.75 million (US$21.98m) will be provided by the EBRD and €6.25 million (US$7.33m) by the GCF, will be extended as subloans by Bank of Africa and its leasing subsidiary Maghrebail to local citizens, small and medium-sized enterprises (SMEs)…

Read More

EBRD appoints Antoine Sallé de Chou as director of operations in Morocco

MOROCCO – The European Bank for Reconstruction and Development (EBRD) has announced the appointment of two new managers in the Maghreb. The Frenchman Antoine Sallé de Chou will take up his post as director of operations for the bank in Morocco. He succeeds the French-Canadian Marie-Alexandra Veilleux-Laborie. Antoine will be responsible for the EBRD’s investments and operations in the country and report to Heike Harmgart, the Bank’s Managing Director for the southern and eastern Mediterranean (SEMED) region. “I am honoured to take on this new responsibility. I am committed to…

Read More

ElSewedy’s subsidiary United Metals Company secures US$25m from EBRD

EGYPT – The European Bank for Reconstruction and Development (EBRD) has agreed to provide to ElSewedy’s subsidiary United Metals Company (UMC) a two-year, US$25 million facility to back the company’s working capital needs amidst the COVID-19 pandemic. The loan will enhance the Company’s financial resilience to withstand the potential negative implications of the COVID-19 pandemic through providing funding to source raw materials, EBRD said in a statement. UMC, 99.8% owned by El Sewedy Electric, is an Egyptian joint stock company specialized in the production of copper rods, the main raw…

Read More

QNB ALAHLI secures US$50m loan from EBRD for SMEs

EGYPT – The European Bank for Reconstruction and Development (EBRD) is boosting small businesses and green investments in Egypt with a US$50 million loan to QNB ALAHLI, one of Egypt’s largest commercial banks. The loan, which includes US$7.5 million of concessional finance from the Green Climate Fund, will be used for on-lending to households and local small and medium-sized enterprises (SMEs). QNB ALAHLI is the first bank in Egypt to benefit from a loan under the GCF GEFF Regional Egypt Framework, the second Green Economy Financing Facility (GEFF II) in…

Read More

October Dry Port Company secures US$29.6m loan from EBRD

EGYPT – The European Bank for Reconstruction and Development (EBRD) has approved a €25 million (US$29.6 million) loan in favour of Egypt’s October Dry Port Company (ODP), a joint stock company established to construct Egypt’s first inland dry port located in 6th of October City, the bank announced. The EBRD said that the loan is part of a total investment package of worth US$60 million to finance the design, development, construction, and operation, as well as maintenance of the port. The project will be Egypt’s trigger investment under the EBRD’s…

Read More

NBE secures US$100m loan from EBRD to support SMEs

National Bank of Egypt partners IFC

EGYPT – National Bank of Egypt (NBE) has secured US$100 million loan from European Bank for Reconstruction and Development (EBRD) to support the country’s small and medium-sized enterprises (SMEs).    The loan will benefit Egypt’s SMEs in terms of energy efficiency, climate change mitigation and the introduction of adaptation technologies, according to the EBRD.    NBE will on-lend the funds to SMEs operating in the sectors of industry, commerce and agriculture to help improve the use of energy, water and land resources, as well as investments in high-performing technologies, which is expected to support…

Read More

AFDB partners EBRD to unlock additional sustainable investment opportunities in Africa

AFRICA – The African Development Bank Group (AfDB) has signed a memorandum of understanding (MoU) with the European Bank for Reconstruction and Development (EBRD) to promote sustainable private-sector development in Africa. The MoU will catalyse new sources of financing to help bridge the US$2.5 trillion annual financing gap for development in Africa. This gap requires that development finance institutions work in partnership. “The new partnership agreement between our two institutions will pave the way for us to do more together, especially in supporting the growth of Africa’s private sector,” said…

Read More

Solar plant Kom Ombo secures US$114m to finance its construction

EGYPT – Kom Ombo, the largest private-sector solar plant in Egypt, has secured US$114 million package, through ACWA Power, from a group of banks to finance its construction. The deal was signed by the European Bank for Reconstruction and Development (EBRD), the OPEC Fund for International Development, the African Development Bank (AfDB), the Green Climate Fund (GCF), and the Arab Bank. The package includes loans of up to US$36 million from the EBRD, US$18 million from the OPEC Fund, US$17.8 million from the AfDB, US$23.8 million from the GCF and…

Read More

Medical textiles company Lamatem secures US$7m loan from EBRD and EU

MOROCCO – Lamatem, a Moroccan producer of high-‎end ‎medical garments, has secured €6 million loan (US$7.05m) from The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) to help the company increase its exports to European markets. The investment will help Lamatem to increase its supply of medical protective equipment and to offer a more diverse range of products, through the use of a state-of-the-art sterilisation machine, to local and European medical suppliers. Lamatem will also diversify its energy supply and boost the use of renewables, with…

Read More