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· The National Bank of Egypt (NBE) and the French Development Agency (AFD) entered into a new credit facility for financing climate conservation and sustainable development projects in Egypt
· The new agreement will allow directing finance and support to the projects that are fully compatible with the sustainable development goals and the environment conservation.
The National Bank of Egypt (NBE) and the French Development Agency (AFD) entered into a new credit facility for financing climate conservation and sustainable development projects in Egypt. The deal is worth €100million. The new agreement will allow directing finance and support to the projects that are fully compatible with the sustainable development goals and the environment conservation.
Fabio Grazi, Director of the AFD’s Regional Office in Egypt, said that the French Agency will take effective action towards implementing sustainable development standards. Over 60% of the allocation will be used for mitigating the effects of climate change. The rest 40% will be directed to projects related to climate change adaptation. The AFD will provide the NBE with a technical assistance grant of €1.5m to support the integration of climate change challenges into the bank’s core financial activities and support the deployment of innovative financing mechanisms to support sustainable development.
