Egypt receives €135mln soft loan from EIB for green projects
Egypt’s Ministry of International Cooperation and the European Investment Bank (EIB) signed soft development financing worth €135 million and a grant worth €30 million for the Sustainable Green Industry project, the Egyptian Cabinet announced on Monday.
The project will be managed by the Environmental Affairs Agency and carried out by the National Bank of Egypt (NBE).
“The project aims to support the green transformation in the field of industry by implementing measures related to climate change and environmental sustainability,” said Minister of International Cooperation Rania Al-Mashat.
“It will cover the entire governorates of the country, with a focus on industrial sites and areas affected by pollution, especially air pollution. Or water, to combat the negative impact on residents and the surrounding environment,” she added.
These funds will be used to offer loans for public and private industrial sector companies, with the aim of motivating them to execute investment plans in crucial areas.
These areas encompass the eradication of industrial pollution, carbon removal via renewable energy, green hydrogen, and biogas, and the promotion of sustainable practices through efficient use of energy resources and circular economy strategies.
Furthermore, the Ministry of International Cooperation entered into a €2 million agreement with the EIB for conducting a technical pre-feasibility study on sludge treatment in Egypt, representing the Ministry of Housing, Utilities, and Urban Communities.
The agreement’s goal is set to offer technical support for the feasibility study, pinpoint financing sources, and devise sludge management solutions for priority locations in Egypt.
Notably, the existing cooperation portfolio with the EIB, which includes financing for 16 developmental projects across various sectors like transportation and sanitation, is valued at €3.5 billion.
