EBRD and Egypt’s Ministry of Planning and Economic Development will sign an agreement to support six startups that focus on green issues and sustainability.
EBRD (The European Bank for Reconstruction and Development) and Egypt’s Ministry of Planning and Economic Development are to sign an agreement to grant six Egyptian startups a comprehensive package of technical support, training, and business advisory services.
EBRD and The Ministry of Planning and Economic Development
The selected startups are part of the Ministry’s Smart Green Governorates initiative, a platform that was created to allow the Ministry to highlight Egyptian businesses that are taking positive steps regarding sustainability. The initiative was created to coincide with COP27 and to help attract investors to the startups and the country as a whole.
Startups from a number of sectors were included in the Smart Green Governorates initiative: megaprojects; medium projects; small and local projects. Startups, non-profit social initiatives, and development projects related to women, climate change, and sustainability were all considered.
The six selected startups are:
Rabbit – A clean-tech transportation company
Noornation – An organization seeking to facilitate access to clean water and power
Engazat – A company offering smart solar and water utility solutions
Banlastic – An organization that aims to ban single-use plastic through developing alternative products, delivering trainings and workshops on plastic pollution and various environmental events
The list was rounded out by Kadet el Mostakbal and Archtech.
As part of the support package, the startups will be given access to EBRD’s network of 1,500 international business experts and 400 local business consultants.
EBRD recently gave a USD 4.95 million to power and fuel company TAQA as part of its efforts to promote the expansion of renewable energy in Egypt. The funds will finance the construction and operation of a 7 MWp solar photovoltaic (PV) project in El Minya.
COP27 as a platform
Eight African startups made it to the last 15 of the ClimaTech Run competition earlier this month. The competition also ran during COP27 and focused on companies working to reduce our environmental impact.