AlexBank Secures $20 Million EBRD Loan to Boost Green Lending for Households and SMEs in Egypt
The European Bank for Reconstruction and Development (EBRD) has approved a financing package worth $20 million (EUR 18 million) for AlexBank, a member of the Intesa Sanpaolo Group, aimed at expanding green lending to households as well as micro, small, and medium-sized enterprises (MSMEs) in Egypt.
The package comprises a $17 million loan (EUR 14.9 million) provided under the EBRD’s Green Economy Financing Facility II (GEFF II), which is supported by the European Union, in addition to $3 million (EUR 2.6 million) in co-financing from the Green Climate Fund (GCF). The financing is designed to support investments in climate mitigation and adaptation technologies, contributing to sustainable growth and inclusive development in the Egyptian market.
Commenting on the agreement, Paolo Fivona, Chief Executive Officer and Managing Director of AlexBank, said the new partnership with the EBRD under GEFF II represents a significant milestone in the bank’s commitment to advancing Egypt’s green transition. He emphasized that AlexBank remains focused on promoting sustainable development by offering innovative green financing solutions that enable households and MSMEs to invest in climate-friendly technologies, while supporting a more sustainable economy fully aligned with the strategy of the Intesa Sanpaolo Group.
The partnership between the EBRD and AlexBank dates back to 2016, when the two institutions signed a $100 million (EUR 93 million) financing agreement to support small and medium-sized enterprises through a credit line and the EBRD’s Trade Facilitation Programme. The collaboration was further strengthened in 2017 with a second loan of $30 million (EUR 25.5 million) under Egypt’s Sustainable Energy Financing Facility, co-financed by the European Investment Bank.
AlexBank is one of Egypt’s leading private sector banks. Established in 1957 and acquired by the Intesa Sanpaolo Group in 2007, the bank operates one of the largest private banking branch networks in the country, with 173 branches across all major governorates. It employs more than 4,300 staff members serving over 1.85 million customers, and provides a wide range of value-added financial products and services to individuals, SMEs, and corporates across diverse sectors.
Egypt is a founding member of the EBRD. Since the bank began operations in the country in 2012, it has invested more than EUR 13.8 billion in 209 projects nationwide, supporting economic development, sustainability, and private sector growth.