Arab Finance: The Egyptian House of Representatives has approved non-refundable grants worth €80.5 million from Germany and the European Investment Bank (EIB) to implement several development projects, according to a statement by Ministry of International Cooperation.

As per this agreement, Egypt will receive an €80 million grant from Germany, via KfW Development Bank, to finance the National Solid Waste Management Program (NSWMP) as well as support the Comprehensive Technical Education Initiative and risk management mechanisms in Egypt.

The grant is divided into a sum of €28 million allocated for reinforcing risk management and credit guarantee mechanisms and an amount of €32 million for promoting the Comprehensive Technical Education Initiative through establishing 25 excellence centers.

This in addition to a sum of €20 million directed to supporting the NSWMP at the Ministry of Environment.

Furthermore, the parliament has ratified the presidential resolution endorsing the consultative cooperation agreement under which the EIB will provide a €500,000 grant to support a sustainable green industry project in Egypt.

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