At the COP26 climate summit, held in Glasgow in November 2021, the EBRD set out a plan to support the transition to a low-carbon economy in its regions – including Egypt – by doubling the mobilisation of private-sector climate financing by 2025.
Throughout the past five years, EBRD’s Green Cities programme –a €5 billion urban environmental programme–has grown to include 53 cities and helps them identify, priorities, and connect their environmental challenges with sustainable infrastructure investments and policy measures.
Cairo, Alexandria, and 6 October joined the programme to achieve urban sustainability.
EBRD provided Egypt with a €25 million loan to develop the country’s first dry port in 6 October city. The two parties signed a €1 million agreement to extend advisory services for Egypt’s other dry port in 10 Ramadan city.
“These excellent results underscore the bank’s strong dedication to continuing to support its clients in the wake of the pandemic as well as its commitment to decarbonise economies and enable the transition to a more sustainable future, with a focus on involving the private sector and supporting reforms to tackle climate change,” said EBRD President Odile Renaud-Basso.
In November, the EBRD announced the Green Cities programme was doubling in size, allocating a further €2 billion to invest in green urban infrastructure over the next two years.
The bank said that the 2021 green finance record was a key element in the EBRD’s second highest overall annual business volume ever, adding that the record of €11 billion was set in 2020 when its investments were buoyed by emergency lending at the start of the Covid-19 pandemic.
The EBRD supported 413 projects in 2021, up from 411 in 2020, while the share of private-sector investment hit 76 percent, according to EBRD.
Egypt is a founding member of the EBRD. Since the start of the bank’s operations in the country in 2012, the EBRD has invested more than €7.7 billion in 132 projects in Egypt.