EBRD, EU, and GCF sign $50 million green financing package with Suez Canal Bank
The European Bank for Reconstruction and Development (EBRD), in cooperation with the European Union (EU) and the Green Climate Fund (GCF), has announced the signing of its first financing package with Suez Canal Bank (SCB), worth $50 million.
The agreement includes a $25 million loan under the EBRD’s Green Economy Financing Facility (GEFF), with around $3.75 million co-financed by the GCF. The facility aims to provide on-lending to households and micro, small, and medium-sized enterprises (MSMEs) to invest in climate-friendly technologies for adaptation and mitigation.
The package also features an uncommitted $25 million increase to SCB’s Trade Facilitation Programme limit, allowing the bank to issue guarantees and cash advances to support import and export operations and diversify its correspondent banking services.
In addition to financing, the EU will provide technical assistance for project preparation, implementation, and monitoring, along with incentive grants of up to $2.9 million for borrowers who successfully complete green projects. These grants are designed to offset the upfront costs of adopting high-performance climate technologies.
The initiative also includes training programmes for SCB staff to strengthen their expertise in trade finance structuring, compliance, risk monitoring, and fraud prevention, with a particular focus on ensuring equal access to climate finance for both men and women.
