The European Bank for Reconstruction and Development (EBRD) has agreed to provide a $21.25mn senior unsecured loan to National Bank of Kuwait Egypt (NBKE) from a total $25mn loan package to support on-lending to private sub-borrowers of green, energy efficiency and renewable energy projects, as well as to support high performance technologies and services supporting a green economy. The remaining $3.75mn is expected to be co-financed by the Green Climate Fund under the same conditions.
The loan offers a combination of longer-term financing and technical expertise in a package that promotes targeted investment in sustainable energy in Egypt’s highly diversified private sector economy.
NBKE is a commercial bank incorporated in Egypt, with total assets of €3.6bn ($4.35bn). NBKE had a market share of 0.9%, 1.4% and 1.0 % by assets, loans and deposits respectively as of year end 2020. It is 95% controlled by National Bank of Kuwait, Kuwait's largest bank with an over 30% market share as of year end 2020.
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