CAIRO – 1 June 2024: Egypt has entered into two agreements totaling €621m with the European Investment Bank (EIB) and the SPE Capital Fund to promote the development of Green Sustainable Industries (GSI) and bolster investment in private sector companies operating in strategic sectors. The Ministry of International Cooperation (MoIC) issued a statement disclosing this information.
The initial agreement, known as the green sustainable industries project agreement, is valued at €271m. It was signed by Rania Al-Mashat, the Minister of MoIC, and Yasmin Fouad, the Minister of Environment.
The EIB is financing the project with €135m, accompanied by a €30m grant from the European Union, which is managed by the EIB. Additional funding is being provided by the French Development Agency and other financial entities.
The program’s implementation will be overseen by the Environmental Affairs Agency and the National Bank of Egypt.
Furthermore, Al-Mashat was present at the signing of an agreement between the EIB and the SPE Capital Fund. The value of this agreement is €350 million and its purpose is to augment the fund’s investments in high-growth companies.
Al-Mashat highlighted that the EIB has offered €790 million in investments across 19 equity funds over the past five years to support Egypt’s private sector.
Additionally, between 2020 and 2023, the EIB’s total private sector financing in Egypt reached approximately €2.8 billion.
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