Banque Misr has received a $40 million investment from the Green for Growth Fund (GGF) and $35 million investment from SANAD. The investment from the GGF will enable Banque Misr to provide green loans to corporates, SMEs and Egyptian households to finance renewable energy projects, as well as energy efficiency and resource efficiency measures to a wide range of sectors.
SANAD’s investment will be used to channel liquidity to micro, small, and medium enterprises (MSMEs), agricultural producers, and microfinance institutions (MFIs) in Egypt.
“Banque Misr will be a valuable partner to SANAD in our efforts to deepen financial inclusion in Egypt. Especially during this turbulent time, this joint effort will help us create decent work opportunities, foster economic growth, strengthen industry, innovation and infrastructure and achieve food security,” Daniela Beckmann, SANAD Board Chairperson, said.
The new investments will bolster the bank’s already existing financial services and specific tailored products for MSMEs, agricultural producers and MIFs.
“Egypt’s hosting of COP 27 and BM’s partnership with GGF and SANAD Fund are no coincidence. It is the incarnation of an institutional belief that Green Financing and Women Empowerment are the keys for more inclusive and sustainable economic growth. Banque Misr, since its establishment, takes from the well-being of the Egyptian compatriot a core mission and the motive of its operations. As a result, the Bank always strives to provide financing to all sectors, and green financing is no different. This is why the economic development, environment and social justice are Egypt Vision 2030’s main pillars to achieve what we call ‘A Better Egypt’ and the economic objectives set out in this vision,” Mohamed El Etreby, Chairman of Banque Misr, said.
Banque Misr also has a strong green portfolio and aims to use the investment from the GGF to support Egyptian businesses in a “green recovery” from the challenges imposed by the pandemic. In addition to businesses, Banque Misr will also support Egyptian households via their dedicated solar product, “Solar Power Station for Home,” offering finance for rooftop PV installations.
“We are proud to form this new partnership with Banque Misr, an institution committed to promoting green and sustainable finance. This investment will contribute to the development of renewable energy, energy efficiency and resource efficiency, and we are optimistic to see the fruits of this investment translate to more businesses and homes in Egypt becoming greener, thereby protecting the environment for the future,” Olaf Zymelka, GGF Chairperson, stated.
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