The French Government authorized AFD’s intervention  in Egypt in 2004. The Agency started project identifications in 2005. In April 2006, AFD and the Ministry of International Cooperation signed an Framework Agreement, approved by Presidential Decree and ratified by the Parliament; the agreement entered into force in February 2007. Photo © Ed Yourdon

News

The AFD and the European Union support Egypt through a 15 million Euro grant to upgrade informal areas

12/10/2015

During his visit to Egypt on 10 October 2015, the French Prime Minister, Manuel Valls, and his Egyptian counterpart, Mr. Sherif Ismail, attended the signing of a grant agreement of 15 million Euros between the AFD, represented by Jacques Moineville, AFD’s Deputy Chief executive office  and the Egyptian Ministry of International Cooperation. The grant, which originates from the Neighbourhood Investment Facility of the European Union (EU) and which has been delegated to AFD, will be implemented by the Social Fund for Development (SFD) in partnership with the Governorates of Cairo and Giza. The objective of this grant is to upgrade basic infrastructure and public services in four informal areas in Greater Cairo (Ezbet Kheir Allah, Al-Zawya Al-Hamra, Ard El-Lewa and Mit Oqba) with a total population of approximately 1.2 million inhabitants. The works financed through the grant will use labour-intensive techniques in order to promote and optimize job creation.

 

 

The 15 million Euro grant from the EU is part of a wider programme of cooperation between AFD and the SFD. The grant is coupled with a credit line of 80 million Euros aimed at facilitating the access to credit of tens of thousands of micro and small enterprises located in poor areas throughout Egypt. Launched during President Abdel Fattah Al Sissi’s visit to Paris on 26 November 2014, the credit line has already had a very positive impact: during the first half of this year, 1,831 Egyptian small enterprises were able to benefit from loans thanks to the credit line, thereby creating or securing nearly 10,000 jobs.

The combination of the credit line and the grant enables AFD and the EU to support both job creation and the improvement of living conditions in disadvantaged areas in Egypt, thereby contributing to two priority objectives shared by the Egyptian government.
 

 


This project has been funded with support from the European Commission. This publication [communication] reflects the views only of the author, and the Commission cannot be held responsible for any use which may be made of the information contained therein.

 


 



The French Development Agency allocates a loan to Egypt to finance the first 20 MW public photovoltaic power plant connected to the electricity grid in Kom Ombo – Upper Egypt

12/10/2015

In the course of its visit to Egypt on October 10th 2015, the French Prime Minister, Manuel Valls attended jointly with his Egyptian counterpart Cherif Ismaïl the signature of a loan agreement in the amount of EUR 40 M between the AFD and the Egyptian Ministry of Electricity and Renewable Energy.  This signature is set in line with the project’s roadmap that was signed during last March’s Sharm el Sheikh Economic Conference.

 

A few weeks before the COP21 to be held, in Paris, in November, the AFD true to its mandate of sustainable development group, associated with the European Union, supports the Egyptian authorities in achieving the ambitious target of 20% renewable energy in the energy mix in 2022 by financing the construction project of the first solar power plant connected to the national grid. With an output of 20 MW, the plant will be built in Kom Ombo in Aswan Governorate, in Upper Egypt, and should be in operation in 2017. Beyond the infrastructure this project includes the implementation of a contract of operation and maintenance of the power plant for a period of 3 years by a private operator and a training program for the staff of the New and Renewable Energy Authority (NREA), the implementing agency. The AFD funding is supplemented by a donation from the European Union to delegate 800,000 euros AFD allocated to the project design (feasibility study of the project, technical support NREA).

This power plant will inject 40 gigawatt hours annually on the electricity grid nearly and reduce the carbon impact of electricity generation by 15,000 tons carbon dioxide equivalent per year.

AFD aims at dedicating 50% of its annual funding to projects which demonstrate a climate co-benefit. The loan agreement signed today is fully consistent with this overall strategy and complements an already substantial Egyptian portfolio of EUR 500 million dedicated to funding exemplary projects contribute to reducing the carbon impact of the economy, such as Cairo metro line 3, gas distribution project with EGAS, and a wind farm in the Gulf of Suez.
 

 


This project has been funded with support from the European Commission. This publication [communication] reflects the views only of the author, and the Commission cannot be held responsible for any use which may be made of the information contained therein.


 



The AFD and the Commercial International Bank sign a letter of interest for a total amount of EUR 80 million

12/10/2015

In the course of its visit to Egypt on October 10th 2015, the French Prime Minister, Manuel Valls attended jointly with his Egyptian counterpart  Cherif Ismaïl, the signature ceremony of a letter of interest for a total amount of 80 million euros, signed between the French Agency Group Development (AFD), represented by Jacques Moineville, AFD’s Deputy Chief executive office and the Commercial International Bank (CIB), represented by Mr Ame Youssef El Ganainy, CIB’s President of Global Customers relations.

 

Such funding couples, in the one hand, a credit facility of EUR 60 million provided by AFD to finance projects with climate’s benefits, particularly in the renewable energy sector and, in the other hand, a credit facility of EUR 20 million provided by Proparco, AFD’s subsidiary dedicated to private sector’s financing, in order to promote access to finance for small and medium enterprises (SMEs).

CIB and AFD’s Group have maintained for many years an active partnership, through various development programs, such as the industrial depollution program -EPAP-, in which CIB is a participating bank, or the SASME’s program, which aims to supporting agricultural SMEs, and whose grant agreement was also signed today.

Through such funding, the AFD’s Group and CIB want to encourage and promote private investment with environmental and/or climate benefits. The AFD’s credit facility should, in particular, help to catalyze financing from the banking sector, local and/or international, towards renewable energy projects led by the private sector. Thus, it supplements the AFD’s Group activities in supporting the development of renewable energies.

In addition, such funding is fully in line with the COP 21’s Agenda, whose one of the main issues focuses on the mobilization of private financing, in particular from banking institutions, to promote the fight against climate change.

About CIB
Commercial International Bank was established in 1975. Commercial International Bank (CIB) is the leading private sector bank in Egypt, offering a broad range of financial products and services to its customers, which include enterprises of all sizes, institutions, households and high-net worth individuals. The Bank strives to provide clients with superior financial solutions to meet all of their financial needs. Having the strongest brand equity rightfully places CIB as the bank of choice for over 500 of Egypt’s largest corporations. Moreover, CIB shows tremendous upside potential within the bourgeoning Retail and SME Banking markets. Through its superior management, high operating standards, corporate governance best practices and premier training programs, CIB has succeeded in becoming the most profitable commercial bank operating in Egypt for more than 35 years.

 



Promoting African and Intra-african trade

21/09/2015
African Export-Import Bank (Afreximbank) and AFD have signed on 18th of September a credit facility agreement for an amount of EUR 100M. The purpose of the facility is to support Afreximbank’s ongoing intervention in transforming the structure of African trade
The facility will support trade and trade related investments, projects and export development activities, which will enhance intra and extra African trade, thus promoting diversification and value addition in African exports.
 
The Agreement was signed by M. Jean-Louis Ekra, President, Afreximbank, and Ms Stéphanie Lanfranchi, Country Director, AFD Egypt office. Such facility is the first transaction between AFD and Afreximbank and paves the way for a long-lasting partnership between these two development banks, which are sharing a strong common objective of promoting economic development in Africa.

 



Increasing income of small farmers and strengthening agricultural sectors

09/08/2015

On August 5, 2015, the AFD granted the Government of the Arab Republic of Egypt a sovereign concessional loan amounting to EUR 30M to improve the access to financing for agricultural producers and processors. This credit line will be complemented by a donation from the European Union amounting to EUR 22 million and a contribution from the Arab Republic of Egypt, aiming to strengthen and structure the agricultural sectors.

 

The Financing Agreement was signed by representatives of the Egyptian Central Bank, the Ministry of Agriculture and Land Reclamation and the AFD in the presence of the Ambassador of France in Egypt, Mr. André Parant.
 
The Project's purpose is to increase the income of small farmers and processors of the agricultural sector by facilitating their access to credit and further integrating them within the agricultural sectors. This credit line is expected to benefit more than 400 agricultural SMEs and participate in the creation of 20 000 direct and indirect jobs.
 
The contribution in the form of an EU subsidy is essential to strengthen the capacities of the different actors of the agricultural sector. This grant will also allow the development of an innovative guarantee facility, the first facility entirely dedicated to the agricultural sector in Egypt.
 
Through the signing of the Financing Agreement, which constitutes a key step in the implementation of this Project, France confirms its commitment with the Egyptian authorities in the agricultural sector.


 
   
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