Egypt and the European Bank for Reconstruction and Development (EBRD) signed Sunday a €186 million ($208 million) agreement to finance the wastewater treatment plant upgrade project in Fayoum.
Egyptian Minister of Investment and International Cooperation Sahar Nasr has signed the agreement with Janet Heckman, EBRD’s managing director for the southern and eastern Mediterranean, in Cairo in the Egyptian ministry’s headquarters.
The project aims to upgrade the wastewater plants in the villages that overlook Lake Qarun, the third largest lake in Egypt and an important natural freshwater resource for economic activities in Fayoum, Minister Nasr told reporters.
It will substantially contribute to reduced pollution of Lake Qarun, to positively affect community health and key related economic opportunities in Fayoum, including fishing, fish-farming, and tourism related activities, she added.
Egypt’s experience in upgrading its wastewater system has received international recognition from several financial institutions, notably the World Bank, Nasr added. That’s what has made other financial institutions eager to take part in financing such projects in Egypt.