The European Bank for Reconstruction and Development (EBRD) is supporting the Palestinian private sector and households with an US$ 8 million (€6.9 million equivalent) loan to Cairo Amman Bank Palestine (CABP), to be provided under the EBRD’s Green Economy Financing Facility (GEFF).
The financing for CABP will be on-lent to private sub-borrowers, including micro, small and medium-sized enterprises (MSMEs) and residential sub-borrowers, for investments in small-scale renewable-energy, water-, energy- and resource-efficiency projects, including circular-economy projects, and to support relevant green-technology supply chains.
This facility is supported by a comprehensive technical cooperation and investment grant package funded by the EU-EBRD Sustainable Growth4All Programme. The package will include technical assistance to support the implementation of the programme as well as investment grants for MSMEs and residential sub-borrowers of up to 25 per cent of each sub-project’s investment cost.
Commenting on the signing, EBRD Director for the Eastern Mediterranean Region Gretchen Biery said: “We are pleased to be growing our partnership with Cairo Amman Bank Palestine through the signing of this new facility, which will contribute to fostering a greener and more resilient Palestinian economy. We extend our appreciation to the European Union for their technical assistance and investment grants, which reinforce our shared commitment to advancing sustainable economic development.”
Joseph Nesnas, Deputy General Manager and Regional Manager of Cairo Amman Bank Palestine, said: “We highly value our longstanding partnership with the EBRD and would like to thank them for extending a new facility that accelerates the adoption of green investments by MSMEs and households and helps drive a more sustainable and resilient Palestinian economy. This partnership highlights CABP’s ongoing commitment to promoting sustainable finance and supporting long-term economic development in the Palestinian market. We would also like to take this opportunity to thank the EU for their continuous support for the Palestinian economy.”
Cairo Amman Bank Palestine is a key player in the Palestinian banking market, offering a wide range of products and services, including retail, MSME and corporate lending. CABP operates as a registered branch network of Cairo Amman Bank (CAB) Jordan and is fully owned by CAB.
Since the start of EBRD activities in the West Bank and Gaza in 2017, the organisation has approved 37 projects worth a total of €192.2 million.