The transaction transfers credit risk on a diversified portfolio of EBRD assets while allowing the underlying loans to remain on the bank’s balance sheet, the EBRD said in a statement.
Under the structure, the EBRD retained an €835 million senior tranche and a €20 million junior tranche, while a €145 million mezzanine tranche was partly placed with Dutch institutional investor PGGM and partly insured by AXA XL, AXIS Capital, and Liberty Mutual.
The portfolio covers more than half of the economies where the EBRD operates and spans sectors including sustainable infrastructure, corporates, and financial institutions.
The London-based lender said the deal would improve its capital efficiency and free up additional capacity to finance high-impact projects in its regions of operation.
By sharing risk with private investors and insurers, the transaction also channels private capital into markets and sectors that may otherwise face limited access to international financing.
Santander Corporate & Investment Banking (CIB) and Clifford Chance advised the EBRD on structuring and executing the deal.
EBRD Vice President and Chief Financial Officer Burkhard Kübel-Sorger described the transaction as “a major step forward” for both the bank and the multilateral development banking community.
“By sharing risk and mobilising private capital, we can use our balance sheet more effectively, accelerating the circulation of capital and channelling more long-term investments to emerging economies,” Kübel-Sorger said.
PGGM Chief Investment Officer for Asset Management Lars Dijkstra said the transaction aligns with the Dutch pension investor’s sustainability-focused investment strategy and marks the beginning of a long-term partnership with the EBRD.
The Mosaic transaction also aligns with G20 recommendations aimed at strengthening multilateral development banks’ capital adequacy frameworks by increasing private-sector participation and optimising balance sheets through risk-transfer mechanisms.
The EBRD said it mobilised €26.8 billion in additional financing in 2025 alongside €16.6 billion in own-account investments, underscoring its role as one of the leading mobilisers of private capital in emerging markets.
What does it mean for Egypt?
Egypt ranks as one of EBRD’s largest markets, receiving over €10 billion in investments since joining in 2012, focused on energy, banking, SMEs, and green projects.
The Mosaic portfolio explicitly includes Egyptian assets, such as loans to banks like Banque Misr and Commercial International Bank (CIB), renewable energy initiatives’ such as wind farms in Gulf of Suez, and real estate-linked corporates.
This risk-sharing frees up EBRD capacity for new Egyptian deals, amid the country’s push for $40 billion in private investments under Egypt Vision 2030 and the country’s new economic development narrative.
Key Egyptian sectors that are expected to benefit from this mechanism, banking and Finance, energy, and infrastructure.
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