The development financing agreements signed with the European Investment Bank (EIB), since the beginning of 2022 have recorded 300 million euros.
This is in addition to two grants from the EU worth 24 million euros, the Ministry of International Cooperation announced, on Sunday.
The agreements signed between the government and the European Investment Bank aim to support development efforts, within the framework of Egypt Vision 2030 and its quest to achieve sustainable development goals, the ministry added.
A concessional development financing agreement was signed with the European Investment Bank, worth 221 million euros, in favor of the Tanta-Mansoura-Damietta railway development project, which will be implemented by the Egyptian National Railways Authority.
This is of great importance under the state’s plan to develop transportation to become more sustainable and to enhance the state’s vision of transforming into a smart and sustainable infrastructure, in line with environmental standards.
The European Investment Bank financed many development projects in the transport sector, including railway and metro development projects, which support the implementation of sustainable development goals in Egypt, especially Goal 8: to promote inclusive and sustainable economic growth, employment and decent work for all, Goal 9: Industry, innovation and infrastructure and infrastructure, and Goal 11: Sustainable Cities and Communities, the statement added.
A soft development financing agreement worth 78 million euros was signed for the Helwan Sewage Treatment Plant project which is being implemented by the Ministry of Housing, as part of the state’s efforts to enhance the sustainable management of water resources, develop water treatment plants, and expand water and sewage services to all parts of Egypt.
Egypt was also granted 20 million euro grant from the EU, managed by the European Investment Bank, for the Western Sewage Treatment Plant in Alexandria project, which is being implemented by the Ministry of Housing.
The development financing agreements for water and sanitation projects support the state’s efforts to develop the water and sanitation sector, and also to promote sustainable development goals, especially Goal 3: Good health and well-being, Goal 6: Ensure access to water and sanitation for all, as well as Goal 8: Promote inclusive and sustainable economic growth, employment and decent work for all, the statement read.
Funds allocated by the Ministry of International Cooperation are for the to implementation of sustainable development.
Goal 6 record US$5.4 billion, representing approximately 20 percent of the ministry’s total portfolio. Thirty nine projects are implemented to achieve Goal 6, the statement said.
A grant agreement worth 4 million euros, managed by the European Investment Bank, was signed with the EU, for the “Industrial Pollution Control – Phase III” program implemented by the Environmental Affairs Agency and the National Bank of Egypt.
The European Investment Bank has been contributing to the project in its three phases since its inception in 1996.
The European Investment Bank contributed 125 million euros to the project alone, in addition to other funding from a number of other development partners.
The project will provide technical and financial support for industrial facilities to comply with environmental laws, in addition to implementing projects for the use of alternative fuels in heavy industries to reduce solid waste of all kinds, and to establish an approved system in the local market to finance industrial pollution reduction projects.
The development cooperation portfolio between Egypt and the European Investment Bank have recorded about 3.5 billion euros by the end of 2021, including many development projects in the transport, water and sanitation, energy, environment, small and medium enterprises and civil aviation sectors.
Source: Egypt Independent