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Abu Dhabi Commercial Bank And Schneider Electric Unite For Green Financing In Egypt

Abu Dhabi Commercial Bank Egypt and Schneider Electric, a digital transformation leader in energy management and automation, have entered into a strategic partnership through the signing of two memorandums of understanding (MoUs). The first MoU establishes a framework for cooperation to finance green and sustainable projects in Egypt, focusing on providing micro-grid solutions to Schneider Electrics Badr Factory. The second MoU aims to implement sustainable development projects in Marsa Matrouh Governorate, including a cooled agricultural greenhouse, a water desalination unit, and a modern fertilization unit.

The collaboration will support green financing initiatives, the circular economy, and the sustainable use of natural resources and land. The agreements include the deployment of mini-grid solutions incorporating distributed energy resources and renewable solar energy for real estate projects in Egypt. The first MoU will finance the micro-grid network at Schneider Electrics Badr Factory, utilizing renewable energy with a capacity of 758 kilowatts through solar panels and micro-grid solutions.

The second MoU focuses on sustainable development projects in Marsa Matrouh Governorate, addressing water, food, and energy sectors. Gebal Egypt for Agriculture, Sustainability, and Livelihoods will implement the projects, which include a cooled agricultural greenhouse, a water desalination unit, a fertilization unit, and a well water lifting unit. These projects aim to reduce environmental impact, lower carbon emissions, save water consumption, and support the local community, benefiting 1,000 village residents.

Sebastian Reyes, President of Schneider Electric for North East Africa and Arab Levant, emphasized the importance of cooperation between the private sector and society to achieve Egypts clean and renewable energy goals. Ihab Al-Sowerky, CEO of Abu Dhabi Commercial Bank Egypt, highlighted the partnership as a step towards implementing the banks sustainability strategy and contributing to community development and job creation.