Egypt secures $182m from EIB for green project
The Ministry of International Cooperation in Egypt has inked a developmental financing agreement with the European Investment Bank (EIB) valued at $148 million. Additionally, Egypt has secured a grant of $34 million from the EIB, as per a press release.
These funds are earmarked for the Sustainable Green Industry project under the auspices of the Ministry of Environment. The project is managed by the Environmental Affairs Agency and executed by the National Bank of Egypt (NBE). Minister of International Cooperation, Rania El-Mashat, emphasized that the initiative is geared towards supporting the green transformation in the industrial sector, aligning with climate change and environmental sustainability objectives.
The project's scope encompasses all governorates in Egypt, with a primary focus on industrial sites and areas affected by pollution. The aim is to mitigate the adverse effects on residents and the surrounding environment. The allocated funds will be utilized to provide loans to companies operating in the industrial sector, encouraging the implementation of investment plans in key areas.
Key Takeaways
The agreement's objective is to offer technical assistance for preparing a feasibility study, identifying financing options, and proposing solutions for managing sludge in priority sites across Egypt. It is noteworthy that the existing portfolio of cooperation with the EIB stands at EUR 3.50 billion, supporting 16 developmental projects across various sectors, including transportation and sanitation. Notably, from 2020 to 2023, the EIB has allocated $2.80 billion to finance the private sector. In a significant development last November, the EIB inaugurated a new regional hub in Egypt, aiming to enhance collaboration with both private and public partners in the MENA (Middle East and North Africa) region. This move underscores the ongoing commitment to fostering economic development and cooperation in the region.
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