BAKU, Azerbaijan, September 8. The European Bank for Reconstruction and Development (EBRD), the Green Climate Fund (GCF), and the European Union (EU) have signed their first joint financing package with Suez Canal Bank (SCB), worth $50 million (42.6 million euros), to strengthen trade and expand access to green finance in Egypt, Trend reports.
The package includes a $25 million loan under the EBRD’s Green Economy Financing Facility, with $3.75 million co-financed by the GCF. These funds will support on-lending to households and private micro, small, and medium-sized enterprises investing in climate adaptation and mitigation technologies.
In addition, the agreement provides an uncommitted $25 million increase to SCB’s Trade Facilitation Programme limit. This will be used for guarantees and cash advances, boosting SCB’s trade finance operations, supporting import and export transactions, and expanding its range of correspondent banking services.
The EU will complement the financing with a technical cooperation package and up to $2.9 million in incentive grants to encourage borrowers to adopt advanced technologies. SCB staff will also receive training in climate finance, trade finance structuring, compliance, and risk management.
Suez Canal Bank, based in Cairo, operates 54 branches across Egypt and reported total assets of 3.4 billion euros in 2024. Since 2012, the EBRD has invested more than 13.5 billion euros in 206 projects in Egypt.