Latest news with #EuropeanFundforSustainableDevelopmentPlus
See - Sada Elbalad
20 hours ago
- Business
- See - Sada Elbalad
ُEU Helps Boosting Egypt's Green Transition
By Ahmad El-Assasy On 15 June, the European Union and the Government of Egypt will launch the EU-Egypt Investment Guarantee for Development Mechanism. This platform will attract investments to high impact projects in areas such as clean energy, water and wastewater management and sustainable agriculture. It will also support digital transformation, and the development of small and medium-sized enterprises (SMEs). The platform aims to mobilise up to €5 billion in investments by 2027. This includes €1.8 billion announced as part of the EU-Egypt Strategic and Comprehensive Partnership. To achieve this, the platform will leverage EU resources from the European Fund for Sustainable Development Plus (EFSD+). It will also draw resources from European and International Financial Institutions (IFIs) that implement EU guarantees in close coordination with Member States and the private sector. It marks a key milestone under the EU-Egypt Strategic and Comprehensive Partnership and contributes to the EU's Global Gateway strategy. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
Web Release
10-04-2025
- Business
- Web Release
EBRD and EU partner with Finéa to support MSMEs in earthquake-affected regions of Morocco
The European Bank for Reconstruction and Development (EBRD) is supporting micro, small and medium-sized enterprises (MSMEs) in? Morocco by lending up to €23.5 million (to be provided in local currency) to Finéa, a financing company that specialises in helping MSMEs to participate in public and private tender procedures in the country. The loan will benefit from first loss risk cover provided by the European Union (EU) through its European Fund for Sustainable Development Plus (EFSD+). This financing will be lent on to private MSMEs, helping to foster more competitive markets and enhance access to public and private tender procedures in Morocco in areas such as municipal lighting, the supplying of public schools and hospitals, and infrastructure development. This financing package is being provided under the earthquake response facility that the EBRD established to help rebuild Morocco's economy and support affected areas following the devastating earthquake in September 2023. While it will focus on small businesses in earthquake-affected regions, it will also help to address financing gaps faced by MSMEs in other financially underserved parts of the country outside Casablanca and Rabat. The facility will be accompanied by a comprehensive technical cooperation package aimed at developing a digital platform for Finéa's new factoring and supply-chain financing products and integrating that platform into the company's banking systems. This new platform OR financial product will help Finéa to cater for the specific financial needs of individual MSMEs. Established in 1950, Finéa is a Bank Al-Maghrib-accredited financing company incorporated in Morocco. It is a subsidiary of the Caisse de Dépôt et de Gestion (CDG), a state-owned financial institution dedicated to serving the public interest. It aims to support the development of Moroccan MSMEs by facilitating access to financing and public and private tender procedures. It offers financing solutions which are required by MSMEs at various stages of such tender procedures – mainly cash advances and guarantees. At year-end 2023, Finéa had total assets of €216 million. EFSD+ was established in June 2021 and offers EU partner countries assistance with key investments through grants or financial guarantees. In this way, the EU mobilises additional financial resources from the public and private sectors in support of sustainable development. EFSD+ has a total global guarantee capacity of €39.8 billion for the period from 2021 to 2027, of which €22.5 billion will be used in the EU's enlargement and neighbourhood regions. Morocco is a founding member of the EBRD. Since 2012, the Bank has invested more than €5.3 billion in the country through 112 projects to date. The Bank's focus in Morocco is on supporting sustainable energy, direct and indirect financing of private enterprises, infrastructure reform and non?sovereign financing.
Egypt Today
03-03-2025
- Business
- Egypt Today
Egypt and the EU to Launch €1.8 Billion Investment Guarantee Initiative
CAIRO – 3 March 2025: Egypt's Ministry of Planning, Economic Development, and International Cooperation is set to introduce a new Investment Guarantees for Development Mechanism in collaboration with the European Union (EU), according to Minister Rania Al-Mashat. This initiative seeks to activate €1.8 billion in investment guarantees, aiming to attract up to €5 billion in investments to support green transition sectors and other key priority areas. The announcement was made during a meeting between Al-Mashat and Dubravka Šuica, the EU Commissioner for the Mediterranean, where discussions also focused on the second phase of the Macroeconomic Support and Budget Assistance Mechanism, valued at €4 billion. Al-Mashat underscored the strong strategic partnership between Egypt and the EU, which is built on six core pillars: politics, economy, trade, security, migration, and human development. She highlighted that the EU has allocated €7.4 billion in development financing for Egypt between 2025 and 2027, aiming to enhance economic stability, stimulate investment, and support essential sectors for sustainable growth. The Ministry of Planning, in coordination with relevant government bodies, is currently working on developing programs and projects to be funded through these grants, ensuring that EU financial support aligns with Egypt's national development priorities. The meeting also explored strategies to enhance private sector participation in investment opportunities, particularly through EU-backed guarantees under the European Fund for Sustainable Development Plus (EFSD+), introduced at the EU Investment Conference. These funds are expected to accelerate sustainable development efforts and expand the role of private enterprises in driving economic growth.
Zawya
20-02-2025
- Business
- Zawya
EBRD, EU provide financing for Arabian Cement Company's decarbonisation initiatives
The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) have partnered to provide a financing package and guarantee to Egypt's Arabian Cement Company (ACC) for its decarbonisation initiatives. EBRD's €25 million financing package, backed by a first-loss risk cover from the EU's European Fund for Sustainable Development Plus (EFSD+), will support the installation of a low-carbon hydrogen injection system at ACC's Ain Sokhna plant. ACC produces 5 million tonnes of high-quality cement annually, accounting for approximately 8 per cent of Egypt's total production. (Writing by Deva Palanisamy; Editing by Anoop Menon) (
