The European Bank for Reconstruction and Development (EBRD) along with the European Union (EU) and the French Development Agency  (AFD) will offer $140m loans for Egypt to increase energy efficiency projects, reported Al Borsa.

EBRD launched a press conference in cooperation with EU and AFD around the funding facility for the Egyptian new green economy.

EBRD’s Managing Director, Southern and Eastern Mediterranean Region, Janet Heckman, stated that the fund is a part of the bank’s green economy financing program aiming to encourage green economy investments and increase awareness.

She further pointed out during the conference that the program in Egypt will benefit from the European expertise to renew sustainable energy investments. Heckman explained that three local banks, QNB, National Bank of Egypt, and Kuwait National Bank, will participate in the program’s financing, adding that Egypt has great potentials; therefore EBRD is interested to provide funds for the small and medium new and renewable energy projects.

Meanwhile, AFD’s Cairo Office Director, Stephanie Lanfranchi, said that transforming energy is the main challenge to face climate change. She added that AFD and its partners are seeking supporting investments in the fields of energy, energy efficiency, and renewable energy.