COP27: Egypt secures $2.24bln for sustainability projects

Egypt’s Ministry of International Cooperation has revealed on Tuesday that it has secured development loans and grants of $2.24 billion to implement sustainable projects, during the climate summit COP27.

This step came in light of multilateral cooperation efforts to support the country’s development vision and promote the transition to a green economy in transportation, water, renewable energy, food security, and environment.

The first agreement is for rehabilitating and upgrading Cairo Metro second line project with $279 million, including a $2 million was granted from the European Bank for Reconstruction and Development (EBRD), the ministry said.

Another, $278 million loan has granted from French Development Agency (AFD) to finance the upgrade and electrification of existing 22-km railway line between Alexandria and north-eastern town Abou Qir and convert it into a high-capacity metro line.

A development financing of $177 million has awarded from Spain [Spanish export agency FIEM] to implement a project to modernise 23 trains of the 44-km Line 1 of the Cairo Metro.

While, a $50 million loan has provided from Kuwait Fund for Arab Economic Development to finance the construction of 4 desalination plants in South Sinai governorate.

According the renewable energy projects, the African Development Bank (AFDB) has secured a $92 million loan to finance Egypt’s Electricity and Green Growth Support Programme.

In addition to that a $500 million loan was from the World Bank Group for Emergency Food Security and Resilience Support Project. The project will finance the public procurement of imported wheat for the Bread Subsidy Program, the upgrade and expansion of climate-resilient wheat silos and sustainably improve domestic cereal production.