The National Bank of Egypt (NBE) has signed a cooperation protocol with Europe Solar for Electromechanical Contracting and Solar Energy to finance projects focused on solar energy applications, irrigation system upgrades, and agricultural land reclamation.

The initiative aims to improve resource efficiency and accelerate Egypt's green economy objectives, reinforcing NBE's position as the country's largest financial institution and a key supporter of sustainable development.

Aligned with strategies such as Egypt Vision 2030, the Water Strategy 2050, and the Integrated Energy Strategy 2035, the agreement will expand financing for small and medium enterprises (SMEs) in renewable energy and smart agriculture. These sectors are considered essential to balancing food and water security while relying on clean energy.

The protocol also provides flexible financing solutions for farmers, factories, and agricultural projects, helping reduce operating costs and increase productivity through solar-powered and water-efficient technologies.

The agreement was signed by Emad Farag, Head of the SME Group at NBE, and Mostafa Kamel Abdel Fattah Maghrabi, Chairperson of Europe Solar.

Farag emphasized that the partnership reflects NBE's commitment to expanding agricultural production through renewable energy and modern irrigation. He noted that NBE will also provide Europe Solar and its clients with banking services such as account management, payroll solutions, and financing facilities to support SME growth.

Maghrabi welcomed the collaboration, highlighting its role in broadening access to financing for farmers and investors, while promoting sustainable solutions that generate economic and social value and strengthen agricultural and environmental development.

Source: zawya.com