Egypt, EBRD sign development financing agreement, 3 MoUs supporting green transition
European Bank for Reconstruction and Development (EBRD) has signed a development financing agreement and 3 memoranda of understanding (MoUs) in Egypt to promote the transformation towards a green economy.
This is also in support of the private sector’s efforts to expand its contributions to solar energy.
This comes in light of the President of EBRD’s President Odile Renaud-Basso recent visit to Cairo; first visit to the region since her election in October 2020.
3 Agreements Within the “Green Cities”
The Minister of International Cooperation and Governor of Egypt at the European Bank for Reconstruction and Development (EBRD), Rania A. Al-Mashat witnessed the signing of a development agreement between the Ministry of Housing, Utilities & Urban Communities, the Ministry of Local Development, and the EBRD to include the 6th of October City as part of the EBRD’s “Green Cities” project.
The EBRD’s “Green Cities” sustainability programme aims to help cities curb environmental challenges, improve the quality of life, and combat the effects of climate change, through an action plan that will be implemented in cooperation with the bank.
As a way to shift towards green cities, the EBRD will provide green financing for projects that shall be implemented across various sectors. The Green Cities project aims to incorporate 100 cities around the world by 2024.
