EIB to offer Egypt €150mn to help overcome food crisis

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MENA

-

Wed, 23 Nov 2022 - 11:41 GMT

BY

MENA

Wed, 23 Nov 2022 - 11:41 GMT

EIB logo - file

EIB logo - file

CAIRO - 23 November 2022: Eefje Schmid, head of the Policy and Impact Unit at the European Investment Bank (EIB) Global's Strategy & Partnerships Department, has unveiled a 150-million-euro loan to be given to Egypt early 2023 to help it overcome the food problem. 

Food is one aspect of a program, “NWFE”, launched by the Egyptian government with the aim to connect green development projects with the sectors of water, food and energy, Schmid said in statements to MENA Wednesday.
 
Egypt targets 10 billion dollars for the energy sector at NWFE program between 2023 and 2030, the EIB official said, noting that this is a critical period during which climate action should be activated before it is too late.
 
She voiced commitment to financing high-quality energy projects with the help of the private sector. The EIB could bankroll about 50 percent of the projects, while other private sector financers could take care of the rest, Schmid noted. 
 
The EIB is also seeking to finalize its 78-million-euro agreement with the Egyptian government to help it implement a wastewater treatment project in Helwan, Schmid said. The ventures are part of the NWFE program that address water problems, she added.

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