The European Investment Bank (EIB) has unveiled a 150-million-euro grant to be given to Egypt early 2023 to help it overcome the food problem, said Eefje Schmid, head of the Policy and Impact Unit at EIB.
Food is one aspect of a program, “NWFE”, launched by the Egyptian government with the aim to connect green development projects with the sectors of water, food and energy, Schmid said in statements to MENA Wednesday.
An additional 10 billion dollars will be allocated for the energy sector between 2023 and 2030, the EIB official said, noting that this is a critical period during which climate action should be activated before it is too late.
She voiced commitment to financing high-quality energy projects with the help of the private sector. The EIB could bankroll about 50 percent of the projects, while other private sector financers could take care of the rest, Schmid noted.
The EIB is also seeking to finalize its 78-million-euro agreement with the Egyptian government to help it implement two wastewater treatment projects in Helwan and Fayyoum, Schmid said. The ventures are part of the NWFE program that address water problems, she added.
Source: Egypt Today Magazine