The sustainability bond is the first in Egypt – and the largest issued by a private bank in Africa – and will support green and sustainable projects in Egypt. IFC has subscribed in the bond with US$300 million alongside US$100 million from EBRD and US$100 million from BII – with 75 percent of the bond’s proceeds allocated to green financing, such as industrial energy-efficiency, small-scale renewable energy projects, and green buildings; and 25 percent allocated for social assets including inclusive finance and MSMEs.

In 2023, Egypt’s government announced its aim to reduce greenhouse gas emissions by 37 percent by 2030 to support the move to a greener, climate-resilient economy. The sustainability bond will help Egypt advance towards this target by increasing access to finance for businesses and projects that help reduce greenhouse gas emissions or otherwise protect the environment. The bond will also help address the country’s growing financing needs for MSMEs.

This achievement underscores the international financial community’s confidence in AAIB’s exceptional financial strength, Egypt’s attractive investment opportunities and the Egyptian economy potential at large said Tamer Waheed, AAIB’s Vice Chairman & Managing Director. “This bond is more than just a financial instrument; It is a strategic extension of our core business model, designed to seamlessly integrate sustainability into our business strategy. We believe that responsible growth is crucial to create a sustainable future for generations to come. We are ensuring that AAIB remains at the forefront of both financial innovation and environmental stewardship by directing capital toward projects that advance ESG.”

“This investment is a milestone in extending more financial inclusion while unlocking the potential of sustainable finance in Egypt,” said Sérgio Pimenta, IFC’s Vice President for Africa. “As the largest investor in the country’s first sustainability bond issued by AAIB, we are empowering a greener, more climate-resilient future for Egypt and contributing to the country’s climate commitments.”

“We are very proud to invest in this first sustainability bond in Egypt, which opens the path for more such issuances and sets a benchmark for others to follow,” said Francis Malige, EBRD’s Managing Director for Financial Institutions. “This landmark investment will increase capital market flows towards green and social projects and demonstrates the importance of ingraining green and social criteria in capital markets transactions. Moreover, this project contributes to the resilience of the economy by providing long-term hard currency funding.”

“Egypt is a key market for BII. As of 2023, the company’s portfolio in Egypt was valued at $707.5 million, with investments in 70 companies that support over 91,000 jobs. BII’s current development focus in Egypt includes financial services, renewable energy, healthcare, and infrastructure,” said Sherine Shohdy, BII’s Regional Director for North Africa. “The AAIB bond will provide a vital source of finance to businesses to take steps towards the transition. Over the last two years BII has committed over £1.2 billion in climate finance and we will continue to deploy our capital in support of the transition towards net zero and climate resilient economies.”

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The funds will be strategically allocated to boost growth through evolving technological capabilities and solutions, diversify distribution channels, heavily invest in product development to digitize the customer experience, and leverage the FRA’s initiatives towards eKYC and eSignature.

With a huge population of more than 110M people, Egypt has one of the lowest insurance penetration rates globally, and Amenli aims to help increase insurance penetration across Egypt to 5% to reach $20B market size

Since its inception, Amenli has achieved significant milestones, including diversifying its acquisition channels and growing it’s retail distribution partnerships by 14X YoY. The company has also increased its SME offerings by 5X and maintained robust gross profit margins.

“We are delighted to support Amenli as it embarks on its next phase of growth,” said Bruno Lusic, EBRD Venture Capital. “The company has created a great technological infrastructure and data-driven platform with a uniquely differentiated proposition for SMEs and individuals. Egypt’s largely unpenetrated insurance sector offers vast opportunity for rapid growth as adoption of insurance increases over the coming years. We are convinced that Amenli is uniquely positioned to capitalize on that trend with its advanced technology and strong management team.”

“We are thrilled to have secured this investment from major global investors who share our vision for transforming the insurance industry in Egypt,” said Shady El Tohfa, CEO and Co-Founder of Amenli. “This funding will enable us to accelerate growth and continue building technology to enable scaling our business while significantly enhancing our customer experience.”

Adham Nauman, co-founder and CTO of Amenli, added, “With our technology infrastructure firmly established, we’re now focused on evolving it with advanced capabilities, including AI-driven innovations. This approach allows us to amplify efficiencies within our operations, elevate the customer experience, and drive intelligent automation at scale. By integrating AI, we’re not only streamlining our processes but also unlocking new possibilities for growth across strategic verticals, positioning us at the forefront of impactful, data-driven solutions.”

Amenli has quickly established itself as a key player in the Egyptian insurance landscape by providing a wide range of accessible insurance products tailored for individuals, families, and SMEs. The company focuses on speed, convenience, and personalization, working with top insurance providers to deliver an efficient and seamless claims experience.

With a keen eye on the future, Amenli is poised to tap into the expanding market potential, driven by favourable economic conditions and regulatory support for the insurance sector.

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MBRIF, in collaboration with EBRD hosted a comprehensive schedule of activities at the event to enable attendees to connect with both entities, explore their programs and gain knowledge and information on a variety of topics. The activities also offered the opportunity to meet some of the region’s most talented innovators and take part in a series of insightful sessions related to innovation and entrepreneurship.

Fatima Al Naqbi, Chief Innovation Officer at the Ministry of Finance and MBRIF representative, said: “Expand North Star is a unique platform in the region, shaping the future of the digital economy by championing entrepreneurship in the UAE and advancing discussions on the evolution of the innovation landscape. We are always keen to support events and initiatives that contribute to strengthening the UAE’s position as a global center of excellence in innovation, and to engage with our industry peers from the UAE, the region and beyond in our common vision of leveraging technology to propel economic development and expansion.”

The event program put together by MBRIF and EBRD featured panel discussions with industry experts on the opportunities available to innovative start-ups in sectors such as health, tech and space, as well as on expansion into the UAE market and exploration of the collaborative innovation ecosystem in the UAE. Other topics included empowering women in entrepreneurship and future sustainability trends. Alongside the panel discussions, MBRIF and EBRD held info sessions on alternative funding sources and legal considerations for start-ups in the UAE, as well as an introduction to EBRD’s Star Venture program.

MBRIF offers innovators support through its two flagship programs; the MBRIF Innovation Accelerator and the Guarantee Scheme. Whilst EBRD’s Star Venture program targets promising start-ups through accelerators and consultants to help them achieve their full potential.

Zsuzsanna Hargitai, Managing Director, SME Finance & Development at the EBRD, said: “At the EBRD, we are committed to fostering innovation and entrepreneurship that drives sustainable economic growth. Our Star Venture programme plays a pivotal role in empowering high-potential startups with tailored support, mentorship, and market access to help them scale and transform industries. The collaboration with the MBRIF at Expand North Star 2024 further amplifies our shared vision of fostering dynamic innovation ecosystems. It inspires Star Venture companies to seize new opportunities, and I’m thrilled to see that over 35 of our startups are present this week to explore the UAE’s vibrant entrepreneurial landscape.”

Under the pavilion of the MBRIF at Expand North Star, an impressive lineup of innovative companies showcased their cutting-edge solutions across various industries. These included Hoopla, an app for mental wellness; CrossVal, a fintech system for GCC companies; Reme-D, a medical technology innovator; BigDot, an AI-driven business optimization platform; Duverse, a smart city and urban tech provider; Nadeera Technologies LTD and Oxytech.io, both leaders in environmental technology; Sulmi, an AI-powered business solutions platform; jalebi.io, a business automation tool; and Verofax, offering blockchain-based supply chain solutions. Together, they represented the forefront of innovation, contributing to the UAE’s rapidly evolving digital economy.

Moreover, more than 35 innovative companies from EBRD’s Star Venture programme showcased their solutions, including Investbanq (Kazakhstan), which expanded into the UAE in 2024, securing its first client by offering AI-driven WealthTech solutions for asset managers and banks. Similarly, BANTgo (Estonia), operating within the UAE’s ecosystem, launched its waste management platform in 2024 with pilot projects supported by local partners like Cartlow and Verofax, furthering its impact in responsible waste management using AI and blockchain.

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This year, the World Agri-Tech programme brings 15 Middle East, Africa, and South Asia start-ups to take centre stage at the World Agri-Tech Innovation Summit in Dubai on December 4-5. All these start-ups offer scalable solutions and technologies for the climate-stressed regions in the world.

Main Stage Pitches
Eight early-stage entrepreneurs selected by World Agri-Tech’s tech scouts will each have five minutes to pitch their solution live on stage before fielding questions from investors in the technology showcase hosted by Innovation Oasis.

• AgriTech Analytics (Kenya) combines AI-powered satellite imagery and data from its solar-powered IoT crop and soil sensors to detect crop pests and diseases for smallholder farmers.
• Govi.ai’s (Sri Lanka) platform mixes IoT hardware and data analytics to offer on-the-go farm management with real-time monitoring, smart sensors, and growth insights.
• Moonrider (India) designs, develops and manufactures electric autonomous tractors with on-the-go charging capacity.
• Rhea (Kenya) harnesses real-time soil testing and analysis service via IoT to generate ML-driven recommendations on irrigation, fertiliser use and crop optimisation for smallholder farmers.
• Robocare (Tunisia) uses drones, satellites and IoT data to provide early disease detection, fast propagation, and plant need optimisation recommendations via its digital monitoring system.
• Tawi Fresh (Kenya) has built a B2B digital marketplace which connects farmers across Kenya and beyond directly with commercial buyers, offering high-quality fresh produce at a fair, transparent, and stable market price.
• Yola Fresh (Morocco) leverages data to build predictive algorithms for demand and supply and pricing dynamics for the fresh produce supply chain.
• YY Regen (Lebanon) harnesses renewable energy, sustainable water management, and regenerative farming to empower the farming community.

International climate financier the European Bank for Reconstruction and Development (EBRD) introduces the three winners of its 2023 AgVenture innovation competition, who will take the stage for short pitches:

• Kumulus (Tunisia) produces and operates machines replicating the dew phenomenon using solar power and the humidity in the air, sustainably producing fresh water.
• Biftek (Turkey) developed a patent-pending muscle growth supplement, cutting the cost of lab-grown meat.
• SmappLab’s (Hungary) insect monitoring platform helps farmers optimise pesticide use.
• Seabex (Tunisia) offers real-time, precision irrigation insights via a platform that leverages global soil databases for 140+ varieties without imposing sensor data costs on farmers.

Start-Up Exhibition
Beyond the main stage, even more start-ups will be a focal point of the exhibition with dedicated booths:

• Invati (India) has developed a bionutrient product with potential applications in agriculture, animal, and human health.
• AgriLift’s (Singapore) next-gen precision farming platform provides actionable insights on all stages of the seed-to-harvest cycle to help growers improve crop yield and profitability.
• TraceX (India) Blockchain-powered digital agriculture platform for transparent, traceable and sustainable supply chains.

Detailed start-up profiles reveal how much each innovator has raised and who they want to engage with at the summit.

The complete programme for December 4-5 at the Conrad Dubai, with speaker faculty, start-up details and delegate registration, is available at www.worldagritechdubai.com

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Jordan is the first economy in the EBRD regions to pilot the programme. Four enterprises were selected from Jordan’s start-up scene to join Green Star Venture, following a rigorous selection process. The companies come from a broad range of sectors, including robotics, hydroponic farming technology, artificial intelligence and sustainable cosmetics.

Green Star Venture, an extension of the EBRD’s existing Star Venture programme, mobilises international experts, mentors and local advisers to work with selected start-ups to improve their performance and long-term sustainability. The young companies will also benefit from access to technical assistance, mentoring and advice on financing mechanisms to help them enter international markets and grow, contributing to the global climate change mitigation and adaptation efforts.

The Green Star Venture programme in Jordan is supported by the Netherlands via the High-Impact Partnership on Climate Action (HIPCA).

Philip ter Woort, EBRD Director for the Eastern Mediterranean region, said: “We are proud to launch the Green Star Venture programme in Jordan today and we look forward to supporting our first four startups in the cohort. SMEs and start-ups can be a catalyst for a greener economy by offering innovative green products and services. They are key to supporting the decarbonisation and climate adaption goals of the international community, and we are proud to be able to support their growth in Jordan through this programme.”

The EBRD is a leading investor in Jordan. To date the Bank has invested €1.6 billion in 64 projects, supporting private sector development, promoting sustainable energy and infrastructure, and enhancing the delivery of public services. Supported by the European Union, the Bank’s Advice for Small Businesses programme has helped transform more than 450 SMEs in Jordan.

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