Cairo, 26 June 2023 - The National Bank of Egypt (NBE) and the United Nations Industrial Development Organization (UNIDO) have joined forces to drive sustainable and inclusive economic and industrial development in Egypt, through enabling access to financial and non-financial services for firms and end-users in the green and circular economy.
Mr. Yehia Abo Elfotouh, NBE Deputy Chairman, and Ms. Fatou Haidara, Deputy to the Director General and Managing Director of the Directorate of Global Partnerships and External Relations at UNIDO, signed a Joint Declaration, witnessed by Mr. Hisham Okasha, NBE Chairman. The Joint Declaration underlines the commitment of the two organizations to a more inclusive and green economy.
UNIDO has been cooperating with NBE in several projects in Egypt, including in the framework of UNIDO GEF5 “The Solar Heating in Industrial Process (SHIP)” project for the establishment of a USD 4 million revolving fund maintained and operated by NBE to promote solar thermal technologies.
Through the Swiss-funded “Inclusive Green Growth in Egypt” project, UNIDO and the NBE have joined hands to catalyse finance for small and medium-sized enterprises (SMEs) in the green and circular economy in Egypt, and Upper Egypt specifically; while, at the same time, providing micro, small and medium-sized enterprises with non-financial assistance.
Climate and environment finance requires significant scaling up and incentivization, particularly in rural areas. Against this background, the two organizations focus on achieving greater climate resilience for firms and end-users, with an emphasis on sustainable agriculture and food production, waste management, renewable energy and energy efficiency.
Chairman Okasha expressed NBE’s eagerness to extend the fruitful and constructive cooperation with UNIDO, stressing that the bank pays great attention to emerging companies and specialized SMEs. The Joint Declaration coincides with what Egypt is pursuing in order to create an attractive environment for local and international investment in Upper Egypt, boost the region’s competitiveness and industrial growth.
To this end, UNIDO and NBE pledge to carry out joint convening and advocacy activities in the Upper Egypt region, build capacities of and facilitate finance for green SMEs.
Ms. Haidara shared her enthusiasm for this unique partnership, given its importance for promoting environmental sustainability and fostering the creation and growth of SMEs. SMEs represent the social and economic backbone of Africa, where the majority of business ventures are of small and medium size. As such, their development is crucial for advancing inclusive and sustainable industrialization.
By fostering an enabling environment and providing targeted support, the two organizations re-affirmed their commitment to explore partnerships and complementarity to stimulate private investments that align with the United Nations Sustainable Development Goals and contribute to the growth of a green and inclusive economy.
Established on June 25, 1898, with a capital of £1 million, the NBE holds the distinction of being the oldest commercial bank in Egypt. NBE aims to lead by example in establishing partnerships and seizing opportunities to help Egypt fulfill its goals for Egypt Vision 2030 and Egypt’s national climate goals 2050.
UNIDO, as a specialized agency of the United Nations, has the primary responsibility in promoting sustainable industrial development in developing countries and in countries with economies in transition.
For inquiries, please contact:
Mr. Aymen Ahmed, Programme Officer, a.ahmed@unido.org, Division of Innovative Finance and International Financial Institutions
Ms. Annachiara Scandone, Industrial Development Expert, Circular Economy and Resource Efficiency Unit, a.scandone@unido.org