{"id":2438,"date":"2024-01-27T07:58:06","date_gmt":"2024-01-27T05:58:06","guid":{"rendered":"https:\/\/sahfy.net\/news\/?p=2438"},"modified":"2024-01-27T07:58:29","modified_gmt":"2024-01-27T05:58:29","slug":"egypt-leads-european-banks-southern-and-eastern-mediterranean-region-investments-in-2023","status":"publish","type":"post","link":"https:\/\/sahfy.net\/news\/?p=2438&lang=en","title":{"rendered":"Egypt leads European Bank\u2019s \u00a0southern and eastern Mediterranean region investments in 2023"},"content":{"rendered":"

\u00a0<\/b><\/p>\n

Egypt<\/a>\u00a0led the European Bank for Reconstruction and Development\u2019s (EBRD) 2023 investments in the\u00a0southern and eastern Mediterranean (SEMED) region<\/a>, with new commitments to\u00a0<\/b>16 projects totalling almost \u20ac1.3 billion.<\/p>\n

Sixty-nine per cent of the Bank\u2019s investments in Egypt were in the country\u2019s financial sector, while 63 per cent had a gender and inclusion focus.\u00a0Ninety-six per cent of its investments in the country were in the private sector.<\/p>\n

The Bank also disbursed a record \u20ac900 million-plus in Egypt in 2023 to support the implementation of key infrastructural projects and to improve access to finance for small and medium-sized enterprises (SMEs), bringing its total disbursements to \u20ac5.7 million since the start of its operations there in 2012.<\/p>\n

Under Egypt\u2019s country platform for the Nexus of Water, Food and Energy (NWFE),\u00a0<\/b>the Bank continued to support\u00a0Egypt\u2019s green transition by issuing a senior secured loan of up to\u00a0US$ 100 million\u00a0 to Red Sea Wind Energy<\/a>,<\/u>\u00a0which consists of up to US$ 50 million from the EBRD and up to US$ 50 million from the Green Climate Fund (GCF) in favour of Red Sea Wind Energy.<\/u>\u00a0The loan will fund the development, construction and operation of a new 500 MW onshore wind farm located in the Gulf of Suez area.<\/p>\n

\"\"<\/p>\n

The \u00a0is also mobilising technical assistance \u2013 including a just transition approach and a decommissioning master plan \u2013 for the permanent closure of 12 thermal power plants and supporting the country\u2019s renewable energy expansion, for instance, through an action plan to develop green supply chains and institutional support for grid strengthening.<\/p>\n

Another key private-sector investment was the EBRD\u2019s, as part of a co-financing arrangement with a consortium of international investors, to develop the superstructure of a second container terminal in Damietta Port.<\/p>\n

The investment will include additional support to create gender-inclusive jobs by delivering a skills development programme for people living in the Damietta region, in partnership with local vocational schools, with a focus on women\u2019s participation in the workforce.<\/p>\n

To foster a more inclusive economy in Egypt, 63 per cent of the Bank\u2019s 2023 investments aimed to provide economic opportunities for young people and women.<\/p>\n

Under\u00a0its Youth in Business\u00a0(YiB) programme<\/a>, the EBRD provided\u00a0a loan of up to EGP 200 million (equivalent to about \u20ac6 million) to Reefy Micro-Finance Enterprise Services, the first licensed microfinance institution in Egypt and one of the country\u2019s largest microlenders. The funds will mainly support private microenterprises led or owned by entrepreneurs under the age of 35, with a special focus on borrowers located outside of Cairo and Alexandria.<\/p>\n

Under the EBRD\u2019s small business advisory programme, supported by the\u00a0European Union<\/a>\u00a0(EU), 550 Egyptian small enterprises received advisory services and training.<\/p>\n

Continuing its support for\u202f<\/a>the SEMED region\u202fin 2023, the Bank made more than \u20ac<\/a>1.9 billion of new investments in 40 projects,\u00a092 per cent of them in the private sector<\/p>\n

The region also continued to benefit from strong donor support, including from the\u00a0EU, the\u00a0EBRD SEMED Multi-Donor Account<\/a>,* the\u00a0Green Climate Fund<\/a>, the\u00a0Global Concessional Financing Facility<\/a>\u00a0and other bilateral and multilateral donors.<\/p>\n

*Australia<\/a>,<\/i>\u00a0Finland<\/i><\/a>,\u202f<\/i>France<\/i><\/a>,\u202f<\/i>Germany<\/i><\/a>,\u202f<\/i>Italy<\/i><\/a>, the\u202f<\/i>Netherlands<\/i><\/a>,\u202f<\/i>Norway<\/i><\/a>,\u202f<\/i>Sweden<\/i><\/a>,\u00a0Spain<\/a>,\u202f<\/i>Taipei China<\/i><\/a>\u202fand the\u202f<\/i>United Kingdom<\/i><\/a>.\u00a0<\/i><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 Egypt\u00a0led the European Bank for Reconstruction and Development\u2019s (EBRD) 2023 investments in the\u00a0southern and eastern Mediterranean (SEMED) region, with new commitments to\u00a016 projects totalling almost \u20ac1.3 billion. Sixty-nine per cent of the Bank\u2019s investments in Egypt were in the country\u2019s financial sector, while 63 per cent had a gender and inclusion focus.\u00a0Ninety-six per cent […]<\/p>\n","protected":false},"author":3,"featured_media":2439,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[91,47,39,168,83,130,43,107,15],"tags":[2036,2584,3324,1000,3322],"class_list":["post-2438","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-arab-countries-en","category-banks-insurance-en","category-business-economy-en","category-country","category-egypt-en","category-featured-en","category-finance-investment-en","category-funding-round","category-press-releases","tag-egypt","tag-european-bank","tag-european-union","tag-investment","tag-southern-and-eastern-mediterranean"],"yoast_head":"\nEgypt leads European Bank\u2019s \u00a0southern and eastern Mediterranean region investments in 2023 - sahfy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sahfy.net\/news\/?p=2438&lang=en\" \/>\n<meta property=\"og:locale\" content=\"ar_AR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt leads European Bank\u2019s \u00a0southern and eastern Mediterranean region investments in 2023 - sahfy\" \/>\n<meta property=\"og:description\" content=\"\u00a0 Egypt\u00a0led the European Bank for Reconstruction and Development\u2019s (EBRD) 2023 investments in the\u00a0southern and eastern Mediterranean (SEMED) region, with new commitments to\u00a016 projects totalling almost \u20ac1.3 billion. 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