The Banking The Banking Executive Magazine - June 2024 Issue

Egypt inks agreements with EIB EGYPT INKS AGREEMENTS WITH EIB, SPE Capital Fund to boost GSIs Egypt has signed two agreements worth a total of € 621 million with the European Investment Bank (EIB) and the SPE Capital Fund to boost green sustainable industries (GSI) and enhance equity investments in companies, as per an official state- ment. The first agreement worth € 271 mil- lion was signed between Minister of International Cooperation Rania Al- Mashat, Minister of Environment Yas- mine Fouad, the Director General for Neighborhood and Enlargement Ne- gotiations (DG NEAR) at the Euro- pean Commission Gert Koopman, and Vice President of the European Investment Bank (EIB) Gelsomina Vigliotti on the GSI project. This project is financed by the EIB with € 135 million, along with a € 30 million grant from the European Union (EU) managed by the EIB and a funding from the French Develop- ment Agency (AFD) and other fi- nancing entities. The program is implemented by the Egyptian Environmental Affairs Agency (EEAA) and the National Bank of Egypt (NBE). It aims to foster the transition of the industrial sector in Egypt to green economy by taking actions related to climate change and environmental sustainability. Moreover, Al-Mashat witnessed the signing of a € 350 million agreement between the EIB and SPE Capital Fund. Through this agreement, the EIB tar- gets to enhance the fund’s invest- ments in high-growth companies, especially in the sectors of health- care, pharmaceuticals, education, manufacturing, financial services, lo- gistics, and consumer goods, in Egypt, Tunisia, and Morocco. The financing is expected to create over 10,000 new job opportunities, enhancing economic development in Egypt and North Africa. ISSUE 186 JUNE 2024 the BANKING EXECUTIVE 43