ArabFinance: The National Bank of Egypt (NBE) signed a credit facility agreement worth EUR 100 million (EGP 1.87 billion) with Agence Française de Développement (AFD) for climate projects, Ahram Gate reported.

About 60% of the funding will be allocated for lessening the impact of climate change, according to NBE’s Group Head of Financial Institutions and International Financial Services Hesham el Safty.

He elaborated that the remaining 40% will be directed for carrying out developments on adapting to climate change in the country.

The AFD will also provide the state-run bank with a technical assistance grant worth EUR 1.5 million (EGP 28.07 million), El Safty added.

He noted that the grant comes a part of the transformation program towards implementing climate-friendly financial systems.

Earlier this year, the European Union said it would provide Egypt with EUR 24.8 million (EGP 464.03) grant for climate resilience, by boosting the European Bank for Reconstruction and Development’s Green Energy Financing Facility in the Arab republic.

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