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Morsy: Finance in Motion considering opportunities for green finance in corporate sector
Mohamed Morsy, Country Head of Finance in Motion for Egypt and Yemen, said Finance in Motion is considering opportunities for green finance in the corporate sector as it has lately expanded investment in the corporate finance arena.
He made the remarks on Monday during the 4th Forum on Strategies for Transition to Green Economy kicked off in Cairo under the theme of “From Vision to Implementation.”
Finance in Motion has been present in Egypt since 2016 with the first investment with Alex Bank, it was initially focused on south east Europe, Morsy said.
Finance in Motion portfolio stands at about 300 million dollars. It has been working with financial intermediaries, mainly banks like Banque Misr, the National Bank of Egypt and Alex Banque, he noted.
There are also direct investments, he said, noting that Finance in Motion have invested in Benban solar park in Aswan in partnership with the International Finance Corporation (IFC).
“We have very good experience with the banks in Egypt. For the funds that we have provided, we achieved great CO2 emission savings.”
“We also worked on projects that complement our funding, like deep greening that started a couple of months ago. Deep greening helps full transformation of financial institution to become a 100 percent green and sustainable bank.”
He noted that the Green for Growth Fund is advised and managed by Finance in Motion. It is an impact investment fund that mitigates climate change and promotes sustainable economic growth by investing in measures that reduce energy consumption, resource use and CO2 emissions.
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