Latest news with #EuropeanBankforReconstructionandDevelopment
Al-Ahram Weekly
3 days ago
- Business
- Al-Ahram Weekly
EBRD, Emirates NBD Egypt partner to boost private sector financing with $25mln facility - Markets & Companies
The European Bank for Reconstruction and Development (EBRD) has signed a $25 million (€21.7 million) risk-sharing facility with Emirates NBD Egypt to expand access to finance for Egyptian private-sector firms, particularly those with high export potential and youth-led ventures. Emirates NBD Egypt is the first bank in the country to partner with the EBRD under this new facility, which comprises a $15 million (€13.0 million) unfunded and a $10 million (€8.7 million) funded risk-sharing structure. The partnership will bolster Emirates NBD Egypt's lending capabilities in local and foreign currencies and improve access to blended finance for SMEs and larger corporates. It will also enable eligible clients to benefit from tailored EBRD advisory services, while the EBRD will guarantee up to 65 percent of each sub-loan extended under this scheme. Aligned with the EBRD's country strategy for Egypt, the facility supports transition to a greener, more competitive economy while emphasising private-sector growth, innovation, and governance enhancement. Special focus will be placed on supporting young entrepreneurs and businesses with strong export potential. Emirates NBD Egypt, a subsidiary of Emirates NBD Group, is one of the country's leading banks holding €3.0 billion in assets as of December 2024. It operates over 60 branches across Egypt's 27 governorates and employs around 2,300 staff. Egypt, a founding member of the EBRD, has received over €13.3 billion in investments across 202 projects since 2012. These have spanned infrastructure, agribusiness, manufacturing, and technical support for over 500 local SMEs. This new initiative strengthens Egypt's financial ecosystem and marks a significant step forward in mobilizing resources for the country's private sector. Follow us on: Facebook Instagram Whatsapp Short link:
Morocco World
4 days ago
- Business
- Morocco World
BERD Boosts Financing for Key Mining Projects in Morocco
The European Bank for Reconstruction and Development (EBRD) is lending up to $25 million to Canadian mining company Aya Gold & Silver Inc. to support the ongoing exploration of the Boumadine polymetallic mine in the Drâa-Tafilalet region, Southeastern Morocco. Emerging as one of the most significant mining assets in Morocco and North Africa, the Boumadine project plays a key role in Aya's strategy to diversify its portfolio and expand beyond its Zgounder silver mine near Oujda, Northeastern Morocco. The financing will fund an exploration program that includes drilling, engineering work, updates to the mine plan, and a preliminary economic assessment—key steps toward large-scale development and potentially positioning Boumadine as a world-class deposit. The investment will additionally help launch advisory support to improve Aya's value chain—enhancing resource management, energy efficiency, and efforts to decarbonise its supplier network. This marks the third round of financing between the EBRD and Aya Gold & Silver, reinforcing its role as a long-term partner for Aya, laying the groundwork for future financing of the mine's construction. Beyond exploration, the funding aims to deliver broader local impact. Aya plans to introduce new vocational training programs and work with universities to tailor curricula to meet the mining industry's evolving needs in the Drâa-Tafilalet region. The company will also partner with the EBRD on a campaign to promote women's employment in Morocco's mining sector. The company had announced earlier this year that it plans to invest an additional $50 million in Morocco over the upcoming years. In the first quarter of 2025, it achieved record production at its Zgounder silver mine, producing 1,068,652 ounces of silver—a 192% increase compared to the same period in 2024. Established in 2007, the company operates the Zgounder silver mine and is expanding its activities with projects such as Boumadine, which contains several metals including silver, gold, zinc, and lead. Aya Gold & Silver Inc. has stated its intention to follow responsible mining practices, including minimizing environmental impact through efficient resource management, such as water conservation measures and efforts to reduce energy consumption.
Web Release
7 days ago
- Business
- Web Release
ONEE and EBRD launch first sustainability-linked loan in Moroccan power system to drive a low-carbon future
The European Bank for Reconstruction and Development (EBRD) and Morocco's Office National de l'Electricité et de l'Eau potable (ONEE) have signed a €300 million loan agreement. ONEE is involved in generation, transmission and renewables. Morocco is strongly committed to the energy transition in order to achieve its objective of having 52 per cent of its installed capacity from renewables by 2030. In this context, ONEE and the country as a whole are taking important steps towards decarbonisation, while maintaining the security and affordability of energy. The loan is structured as a sustainability-linked loan (SLL) – the first one in the MENA and Africa region's energy sector. It provides an example of how energy utilities can link financing with support for the transition to a low-carbon economy. The proceeds will be used to improve the company's financial resilience, helping to alleviate the impact of the energy crisis. The SLL builds on ONEE's increasing climate ambitions via two key performance indicators – namely, reducing the carbon intensity of electricity generated in Morocco and increasing renewable sources' share of the country's total electricity production. The company's Sustainable Performance Targets (SPTs) are in compliance with Morocco's updated Nationally Determined Contribution (NDC) commitments, and a leading independent second-party opinion provider has confirmed the SLL's alignment with the internationally recognised Sustainability-Linked Loan Principles, rating the overall project as 'ambitious'. This verification process was supported by FSD Africa. As part of the loan, ONEE has committed to undertake retirement of some Carbone intensive thermal capacities in the medium term, building on Morocco's enhanced climate ambition of transitioning to a net-zero economy by 2050 as announced at COP28. The EBRD will be supporting ONEE's efforts to (i) prepare a decarbonisation strategy, (ii) improve its climate governance and expand the digitalisation of the company's core activities by establishing a digital roadmap strategy and implementing digital use cases. As part of this decarbonisation effort, ONEE is further strengthening its network and capacity planning to facilitate the renewables to be connected to the grid, as well as continuing to optimise electricity dispatch by taking into account the network's carbon intensity. Morocco is at the forefront of the climate action agenda, and the EBRD has been one of the leading financiers of green technologies in the country for more than a decade now, being particularly active in private-sector financing.' Mark Bowman, the EBRD's Vice President for Policy and Partnerships, said: 'This landmark sustainability-linked loan – the first of its kind in the region's energy sector – demonstrates that innovative finance can drive real impact. The EBRD's support, in close coordination with the Moroccan Government, is helping ONEE to accelerate its decarbonisation and digitalisation journey while strengthening its financial resilience in response to the energy crisis. This reflects our commitment to sustainable growth and long-term impact.' Tarik Hamane, the CEO of ONEE, commented: 'Under the guidance of His Majesty Mohammed VI, Morocco is recognised as having one of the most ambitious strategies in the region for promoting renewable energy and pioneering green technologies. We are proud that ONEE is playing a major role in the integration of renewables into the energy mix with a view to increasing renewables' share to 52 per cent by 2030. The EBRD has been a long-standing and trusted partner in supporting our decarbonisation and energy transition goals. This new partnership marks another important milestone in our joint efforts to build a more sustainable, resilient, and low-carbon power system.' Morocco is a founding member of the EBRD and?became a beneficiary of Bank resources in 2012. To date, the EBRD has invested more than €5.4 billion in the country through 119 projects.
Web Release
21-06-2025
- Business
- Web Release
EBRD promotes sustainable mining in Morocco
The European Bank for Reconstruction and Development (EBRD) is providing a loan of up to US$ 25 million to Aya Gold & Silver Inc to support the company's exploration programme at the Boumadine mine in the Drâa-Tafilalet region of southern Morocco. The Boumadine polymetallic mine is emerging as one of the most important in Morocco and North Africa. It has strategic importance for Aya, to diversify its portfolio and expand production capabilities beyond the established Zgounder silver mine. This financing will support an exploration programme consisting of drilling, engineering, updating the mine plan and preparing a preliminary economic assessment study, allowing the project to advance to large-scale development and potentially making Boumadine a world-class deposit. The financing also positions the EBRD as a premier financing partner for Aya when the time comes to fund construction of the mine. In addition, the financing will strengthen Aya Gold & Silver's capacity building in the Drâa-Tafilalet region by delivering new vocational programmes and adapting university curricula for local students. These activities will foster the readiness of the workforce to meet evolving needs in the mining industry. Aya will also back an EBRD-led awareness-raising and advocacy campaign to promote women's employment in the Moroccan mining sector. The EBRD's investment will also pave the way to launching advisory support in relation to Aya's value chain, contributing to resource management, energy efficiency and decarbonisation of the firm's suppliers. Mark Bowman, EBRD Vice President, said: 'We are very pleased to partner for the third time with Aya in Morocco to advance the mining sector while promoting sustainable development and applying best environmental standards in the sector. Through this investment we are also contributing to the economic development of the Drâa-Tafilalet region, the creation of job opportunities and the inclusion of youth and women.' Morocco is a founding member of the EBRD and became one of the Bank's countries of operation in 2012. To date, the EBRD has invested close to €5.4 billion in the country through 119 projects, of which more than 72 per cent have been in the private sector. EBRD investments in the country focus on supporting sustainable energy, the direct and indirect financing of private enterprises, promoting infrastructure reform and facilitating non-sovereign financing. The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 36 economies across three continents. The Bank is owned by 75 countries as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive, inclusive, well governed, green, resilient and integrated. Follow us on the web, Facebook, LinkedIn, Instagram , X and YouTube.
Yahoo
16-06-2025
- Business
- Yahoo
Scatec's Obelisk solar project in Egypt attains financial close
Renewable energy solutions provider Scatec has reached financial close for its Obelisk hybrid solar and battery storage project in Egypt, which is to be delivered in two phases. Scatec will provide engineering, procurement and construction (EPC), asset management (AM), and operations and maintenance (O&M) services for the Obelisk project, with the EPC scope accounting for roughly 70% of the total capex. The non-recourse project financing includes $479.1m provided by the European Bank for Reconstruction and Development (EBRD), African Development Bank (AfDB), and British International Investment (BII). The amount covers approximately 80% of the total estimated capital expenditure of $590m. Scatec CEO Terje Pilskog said: 'Reaching financial close for this project marks a major milestone for Scatec. It proves our ability to deliver large-scale hybrid projects. "We are proud to partner with leading development finance institutions to support Egypt's clean energy ambitions, and we look forward to delivering this important project together with our partners.' The project's first phase comprises 561MW of solar power and 100MW/200MWh of battery storage. It is expected to reach commercial operational date (COD) in the first half of 2026. The second phase will add another 564MW of solar capacity in the latter half of the same year. Under a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC), the generated energy will be sold in US dollars and is backed by a sovereign guarantee. Scatec previously secured equity bridge loans (EBL) totalling $120m for the project, which allows for the postponement of project equity injections until the end of the construction period. Furthermore, the company is in advanced talks with potential equity partners, with the expectation that these discussions will conclude in the coming months. "Scatec's Obelisk solar project in Egypt attains financial close" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
