EIB to finance Egypt’s Sustainable Green Industry project with €135M
Updated 1/2/2024 7:26:00 AM
Arab Finance: The Egyptian Ministry of International Cooperation signed a soft financing agreement worth €135 million with the European Investment Bank (EIB), as well as a €30 million grant from the European Union (EU), to finance the Sustainable Green Industry project, the ministry stated.
The development financing is set to contribute to financing the project, in favor of the Ministry of Environment’s Environmental Affairs Agency, implemented by the Egyptian National Bank (EIB).
The project will support Egypt's green transformation in the field of industry by applying climate change and environmental sustainability measures, with a focus on industrial sites and areas affected by pollution.
The fund will be provided to public and private industrial companies to encourage the implementation of investment plans in the areas of eliminating industrial pollution of air, water, soil, and workplaces, as well as decarbonizing the industrial sector through the use of renewables.
In addition, the International Cooperation Ministry signed an €2 million cooperation agreement with the EIB to prepare a technical study for sludge treatment in Egypt for the benefit of the Ministry of Housing, Utilities, and Urban Communities.
It is worth noting that the current cooperation portfolio between Egypt and the EIB amounts to €3.5 billion, financing 16 development projects in various sectors, including the transportation and sanitation sectors.
Over the previous four years, the EIB topped Egypt’s development partners in terms of financing directed to the private sector with $2.8 billion.
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