National Bank of Egypt partners IFC to boost funding for solar-powered water pumps

National Bank of Egypt partners IFC

EGYPT – The National Bank of Egypt (NBE) and the International Finance Corporation (IFC) have partnered to boost funding for solar-powered water pumps in Egypt.

A report by Egypt Today said that the two financial institutions signed a cooperation agreement early this month, to formalise the partnership on funding solar-powered water pumps.

NBE Chairman Hisham Okasha during the signing ceremony, said the deal shows that the bank is keen on supporting Egypt Vision 2030 and its plans to expand in the sustainable development projects.

Okasha further noted that the bank sees the importance of maximizing the use of renewable energy resources adding that the agreement is the first of its kind between NBE and IFC.

Meanwhile, IFC’s Country Manager for Egypt Walid Labadi said the corporation aims to benefit from the solar energy in the Egyptian agricultural ventures in many ways.

Early this month, Commercial International Bank (CIB), one of the leading commercial banks in Egypt, secured a US$100 million loan from IFC, to help the bank increase support to clients and companies whose cash flows have been disrupted by the COVID-19 pandemic.

IFC noted that the funding will help CIB, a longstanding partner of IFC in Egypt, provide short-term loans to both corporations and businesses, including small- and medium-sized enterprises (SMEs) facing liquidity challenges.

 “IFC’s funding will help us strengthen our offer to our clients across all sectors and contribute to economic recovery and growth in Egypt.” Hussein Abaza, CEO of CIB, said.

IFC is the largest global development institution focused on the private sector in emerging markets.

The financial institution has presence in more than 100 countries, using its capital, expertise, and influence to create markets and opportunities in developing countries.

In Egypt, IFC’s commitments since 2005 total $4 billion, including financing mobilized from other investors.

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