Egypt signs 3 MoU's in green investment during 1st Environment, Climate Investment Forum

CAIRO - 12 September 2023: Dr. Yasmine Fouad, Minister of the Environment, witnessed the signing of 3 memorandums of understanding in the field of supporting green investments, as part of the activities of the Environmental and Climate Investment Forum, which was launched Tuesday in its first edition, in the New Administrative Capital. 

 

The forum was opened by Dr. Mostafa Madbouly, Prime Minister of the forum, with the participation of a large number of people, including: ministers, officials, heads of various economic and regulatory bodies, and leaders of major companies operating in various economic activities.

 

The first memorandum included the signing of a memorandum of understanding between the Waste Management Regulatory Authority, the KIT Innovation Center, and the Green Building Materials Company for cooperation in the field of construction and demolition waste management.

 

The Minister of Environment explained that the protocol aims to support joint cooperation between all parties in the field of recycling construction and demolition waste and mining waste, and to work on implementing research in the field of sustainable materials, buildings and infrastructure, in addition to technology transfer.  

 

The second memorandum was signed between the Arab Organization for Industrialization (AOI) and a group of German companies (INTEC Rubber powder GmbH and RECOM Patent & License GmbH), to establish a tire recycling company in Cairo.

 

RECOM is the The licensor and patent holder of INTEC technology for producing rubber granule powder, INTEC is the provider of the latest tire recycling technology.  

 

The Minister of Environment confirmed that, according to the signed memorandum of understanding, the tripartite alliance intends to cooperate to establish a joint company in Cairo, with RECOM owning 30% of the shares of this new company, and the name of the new company will be (AOI - INTEC Egypt), provided that the two parties agree on the legal form and capital share.  

 

The memorandum of understanding clarified a number of basic understandings between the parties signing the memorandum regarding the installation and operation of the factory systems in the countries and regions of the Middle East and Africa. The German company will also provide full technical support and factory management to the new company.

 

The third memorandum is a joint cooperation agreement between Green Planet for Sustainable Environmental Solutions and the Emirati company ZERO CARBON Limited, which specializes in the field of enabling and providing engineering and operation of scalable technological systems to remove carbon, through investment, design and implementation.

 

The signing of the agreement comes as one of the opportunities Promising investment for the Egyptian and foreign private sector in the field of waste management, through cooperation between the two companies in the field of research, development and implementation of pioneering projects. A pilot project will be prepared, and a feasibility study will be presented to treat all incoming organic waste and convert them into products with economic returns.