NBE in talks for new funding from four European financial institutions dedicated to energy sector
National Bank of Egypt (NBE) is negotiating a new funding from four European financiers under the recently-formed Green Economy Financing Facility (GEFF) for Egypt. NBE seeks a new tranche from the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), European Union, and the French Development Agency (AFD) under the GEFF, according to a senior source in the bank. NBE has already secured a EUR30mn (USD32.4mn) tranche from the four European institutions under the GEFF and seeks to have another tranche which may be similar in value, the source added. The EBRD, EU, EIB, and AFD have launched a week earlier their new GEFF programme which includes providing soft loans worth EUR140mn for energy efficiency and small-scale renewable energy investments by private companies through a group of participating banks. The programme is supported by an EU grant of EUR23.8mn.
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