Egypt signs concessional development funding worth $2.24B

CAIRO - 9 November 2022: The Ministry of International Cooperation announced the signing of $2.24 billion in concessional development funding.

 

It stated that this came in the light of multilateral cooperation efforts to support the State's development vision to implement a number of development projects and develop sustainable infrastructure that stimulate private sector participation with a number of development partners in transport, housing, electricity, renewable energy, food security and the environment in the Egyptian pavilion of the COP27 Climate Conference.

 

Agreements signed by the Government in the transport and infrastructure sector reached 4 agreements, the first for the rehabilitation and upgrading of the second line of the Greater Cairo subway with development funding of $ 279 million, including a $2 million grant from the European Bank for Reconstruction and Development, and the second for the development of a marginal rail line project

 

In addition, development funding worth $177 million was signed to implement the project for the rehabilitation of 23 trains for the first line of the Greater Cairo subway, from Spain, as well as $400 million for the project for the development of a trade logistics line between Cairo and Alexandria in cooperation with the World Bank Group.

 

With regard to sustainable water resources management projects, which come under the umbrella of the State plan to support adaptation efforts and mitigate the effects of climate change, funding for 3 projects was signed. The first is a $12 million grant from the German Agency for International Cooperation for the Nile Water Delta Management Project, and the second is a $10 million grant from Switzerland for the Drinking Water Management Project in Egypt. (Phase II), and the third development funding worth $ 50 million from the Kuwaiti Development Fund to implement the project to establish 4 desalination plants in South Sinai governorate.

 

As a continuation of the State's efforts to expand renewable energy projects to promote green transformation, reduce harmful emissions and increase the percentage of renewable energy in total energy generated in implementation of the National Sustainable Energy Strategy 2035, development funding has been signed for two projects. First, development funding of $92 million from the African Development Bank for the Electricity and Green Growth Support Programme and a $1 million grant from the French Development Agency on strategic technical cooperation between Egypt and France for the development of the green hydrogen sector.

 

In the food security sector, the Egyptian Government has signed 4 development financing agreements, The first, worth $500 million with the World Bank Group, as part of the emergency project to support food security and flexible response, Supporting the State's plan to expand wheat silos and enhance food security and the Second, valued at $271 million from the African Development Bank Group to support food security efforts, In addition to $111 million in development funding from the European Union under the Food Facility initiative and $47 million in development funding with the United States Agency for International Development (USAID) for the Agribusiness Convention for Rural Development project and increased incomes. In the environment sector, a $15 million grant was signed with USAID under the Climate Initiative Convention.