Egypt, France’s AFD sign €45 mln green industry financing deal

Egypt signed a €45 million ($50.9 million) financing facility agreement with the French Development Agency (AFD) on Wednesday to support a sustainable green industry project, as part of a broader package of eight cooperation accords between the two countries.

Signed with Egypt’s Environmental Affairs Agency (EEAA), the agreement aims to support the country’s transition to a greener economy and advance environmental sustainability, the Egyptian foreign ministry said in a statement.

The agreement also includes a grant to improve access to services in targeted areas and expand economic opportunities in cooperation with the Micro, Small, and Medium Enterprise Development Agency (MSMEDA).

The accords formed part of a wider package of eight cooperation agreements and memoranda of understanding signed in Cairo between Egyptian ministries and agencies, AFD, the European Union, and several French companies.

Attribution: Amwal Al Ghad English