GEFF manager: 7 Egyptian banks have €700 m financing for green projects

11 / 07 / 2023

By Marwa Nassar - -

Dr. Emad Hassan, Manager of the Green Economy Financing Facility (GEFF) at the European Bank for Reconstruction and Development (EBRD), said about seven Egyptian banks have 700 million euros financing allocated for green projects.

Only € 200 million of the total sum has been spent over the past few years, he said during the 5th Forum on Strategies for Transition to Green Economy which is organized by CSR Egypt under the theme of Green DNA “Sustainable Finance and Impact Investment”.

Hassan said Egypt has capital earmarked for green projects, but there is a problem facing financial institutions in means of financing green projects.

Financial institutions and investors in Egypt need to understand means of benefiting from the financing allocated for green projects, the GEFF manager said, noting that about 90 percent of investors have no inkling of green economy.

He said Egypt needs to build knowledge and spread awareness about green projects as financial institutions face difficulty in marketing financing allocated for green projects.