Egypt seals €4.7M loan with EIB for sanitation project

CAIRO – 13 September 2017: Minister of Investment Sahar Nasr and Minister of Housing Mostafa Madbouly signed €4.7 million ($5.6 million) agreement Wednesday with the European Investment Bank (EIB) for a sanitation project in Kafr El-Sheikh.

In a statement from the Ministry, Nasr announced that she signed a memorandum of understanding (MoUs) to seal three funding deals with the bank in the upcoming period.

The first €209 million agreement will be for a sewage project, other €172 million for rehabilitating Qarun lake in Fayoum and €400,000 to provide technical assistance to a sanitation plant in West Alexandria.

Egypt has accessed €8.2 billion from the EIB in funds and grants for a number of development projects, while the investment portfolio recorded €1.7 billion.