The European Investment Bank (EIB) has unveiled a 150-million-euro grant to be given to Egypt early 2023 to help it overcome the food problem, said Eefje Schmid, head of the Policy and Impact Unit at EIB.
She said that the bank will work with Egypt in the transport and energy sectors, given their links to carbon dioxide emissions.
The agreement came within the framework of the strategic relations between the government and the European Investment Bank, to support Development efforts, within the framework of the state’s vision 2030 and its quest to achieve sustainable development goals.
In a meeting with Vice-President of the European Investment Bank (EIB) Ambroise Fayolle, Fouad discussed the national strategy for climate change, which included a number of projects such as a 10-billion-dollar project that aims at producing 10 gigawatts of renewable energy through transferring thermal power plants to renewable energy-operated ones.
The financing included development cooperation agreements with the government worth €1.5 billion in several vital sectors, namely transport, water and water treatment, and €1.85 to the private sector.
The delegation was led by EU Ambassador in Cairo Christian Berger, EIB Regional Representative in Egypt Alfredo Abad and a number of MSMEDA representatives.
Maait also referred to enhancing the participation of the private sector in economic activity; as it is the locomotive of job-rich growth
In an interview with MENA, Palanza said the EIB has accelerated the pace of operations it carries out in Egypt in the past four years.
The minister said he discussed with Palanza means to boost joint cooperation in light of the electricity ministry's keenness on benefitting from its expertise in the fields of energy, gas emission reduction and green hydrogen production as well as power linkage projects especially the one with Cyprus and Greece.
A total of L.E. 54 million was allocated to casual workers in Alexandria to implement a number of developmental projects, in accordance with an agreement signed between the Micro, Small and Medium Enterprise Development Agency (MSMEDA) and the European Investment Bank (EIB).
This came during his participation in the first workshop, within the activities of the second day of the Egypt International Cooperation Forum, Egypt-ICF, which discussed “Egypt’s experience in matching development finances with the sustainable development goals”.
The webinar tackled the effects of climate change on water resources and the green transition.
MIIC signed an agreement worth €120 million regarding the project "Development and Modernization of the Western Sewage Treatment Plant in Alexandria", for the benefit of the Ministry of Housing, Utilities and Urban Communities and the Executive Authority for Drinking Water and Sanitation.
The bilateral strategic partnership between Egypt and the European Investment Bank dates back to 1979 with a portfolio amounting to nearly 10.6 billion euros to finance public and private collaborations and support social and economic development.
The loan is allocated to upgrading a sanitation station in Alexandria.
“The objective of financing the urban transport sector with €1.1 billion is to enhance the transition from private cars to a more efficient means of transportation” the Minister noted.
Al-Mashat clarified that €1.1 billion is to finance three projects in the transportation sector with the National Authority for Tunnels.
This includes more than €10 billion of COVID-19-related investment to improve public health, strengthen public services and back investment by companies in sectors hit by the pandemic.
MSMEDA signed Framework agreements with five Egyptian governorates to support the provision and enhancement of community facilities, including drinking water networks, sewage networks, paving side roads with interlocking paving, schools, health clinics, a
International Finance Corporation (IFC) officials in Egypt confirmed their support for the government's vision on consulting with its private sector partners, and supporting private companies during the current crisis.