AfDB funds 3rd phase of Egypt’s Gabal El Asfar water treatment plant with €110M
Updated 5/28/2023 9:20:00 AM
Arab Finance: The African Development Bank (AfDB) is financing the third phase of the Gabal El Asfar water treatment plant with €110 million, Minister of International Cooperation Rania Al-Mashat announced on the sidelines of the AfDB’s annual meetings in Sharm El Sheikh.
The third phase of the plant will be funded with €80 million from AfDB, in addition to €30 million from the Africa Growing Together Fund (AGTF), managed by both AfDB and the People's Bank of China, Al-Mashat added.
The UK government will provide a credit guarantee to cover part of the €80 million financing offered by AfDB, she noted.
Egypt is the first country to benefit from the credit guarantee that was announced during COP26, along with Senegal, the minister said.
President of AfDB Akinwumi Adesina previously unveiled that the bank, along with development partners, has mobilized $2.2 billion to support Egypt’s water security.
Adesina noted that these funds would be directed to the water pillar of the Nexus of Water, Food, and Energy (NWFE) program to develop water desalination and treatment plants for agricultural purposes.
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