Tag: GCF

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

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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…

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

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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…

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DRC picks Eranove, AEE and Gridworks for off-grid solar in 3 cities

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DRC – The Eranove Group, the Association of Energy Engineers (AEE) and Gridworks have been picked by the government of the Democratic Republic of Congo to work together on a project to install solar hybrid systems for the electrification of populations in the cities of Bumba, Isiro and Gemena in the Democratic Republic of Congo (DRC). The authorities of the Democratic Republic of Congo (DRC) are banking on decentralised solar systems to accelerate the electrification process in that vast country. The project is part of the DR Congolese government’s Essor…

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Egypt’s green economy gets boosted by US$258.87M from EBRD, EU and GCF

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EGYPT – The European Bank for Reconstruction and Development (EBRD), the European Union (EU) and the Green Climate Fund (GCF) are boosting green finance on the Egyptian economy and the development of value chains for the private sector. Working with the EBRD’s local partner banks, two programmes cumulatively worth €220 million (US$258.87m) will offer sub-loans to businesses for green investments in energy, water and resource-efficient solutions. The programmes are complemented by EU grants of more than €30 million (US$35.30m) and GCF concessional co-financing as well as technical assistance of up…

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