The Ministry of International Cooperation has signed a development financing agreement with the European Investment Bank (EIB) worth €135 million and a €30 million grant from the European Union (EU), which the EIB manages.
This deal aims to contribute to financing the Sustainable Green Industry Project for the benefit of the Ministry of Environment (Egyptian Environmental Affairs Agency) in collaboration with the National Bank of Egypt.
This agreement reflects the strong relationship between the Government of Egypt and the EIB, which extends over more than four decades and has strengthened development efforts in various sectors through concessional development financing, grants, and technical support.
The main goal of the project is to support the green transformation in the industry field by implementing measures related to climate change and environmental sustainability. The project will cover entire governorates of the country and will focus on industrial sites and areas affected by pollution, particularly air and water, to combat the negative impact on residents and the surrounding environment.
The funds will provide development finance to companies operating in the industry field in both government and private sectors. The project aims to stimulate the implementation of investment plans in the following main areas: eliminating industrial pollution of air, water, and soil; decarbonizing the industrial sector through the use of renewable energy, green hydrogen, and biogas; and developing sustainable industrial practices through energy resource efficiency and circular economy interventions.
In addition, the Ministry of International Cooperation has signed a cooperation agreement with the EIB worth €2 million for the preparatory technical study for sludge treatment in Egypt for the Ministry of Housing, Utilities and Urban Communities.
