EIB
Egypt enjoys strong relations and a huge portfolio size with the European Investment Bank (EIB), in light of the role played by the Ministry of International Cooperation to develop and strengthen economic relations with multilateral and bilateral development partners and international institutions.
The project aims to support the green transformation in the industrial sector by implementing climate change and environmental sustainability measures.
Kanapinskaite elaborated that the financing include $300 million in concessional development financing for the government, and €1 billion for the private sector to enhance its contribution to the transition to renewable energy.
Leaders from Egypt's National Authority for Tunnels and National Authority for Railways were also in attendance.
Rapaille showed deep interest in the Nexus of Water, Food and Energy (NWFE) as well as NWFE+ for the transportation sector.
She elaborated that the bank provided development financing of €15 million to the Bank of Alexandria, and €500 million to Banque Misr and the National Bank of Egypt.
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.
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