Cairo -  Egypt’s Ministry of International Cooperation signed a developmental financing agreement with the European Investment Bank (EIB) at a value of EUR 135 million.

The Arab Republic also secured a grant worth EUR 30 million from the EIB, according to a press release.

The funds will contribute to the Sustainable Green Industry project for the Ministry of Environment, which is managed by the Environmental Affairs Agency and implemented by the National Bank of Egypt (NBE).

International Cooperation Minister, Rania El-Mashat, highlighted that the project aims to back the green transformation in the industrial sector by adhering to climate change and environmental sustainability measures.

The project will cover all governorates of the country, mainly focusing on industrial sites and areas affected by pollution to combat the negative impact on residents and the surrounding environment.

Through these funds, companies operating in the industrial sector will be granted loans to encourage the implementation of investment plans in key areas.

On behalf of the Ministry of Housing, Utilities, and Urban Communities, the Cooperation Ministry inked an agreement with the EIB for EUR 2 million to prepare the technical pre-feasibility study for sludge treatment in Egypt,

The agreement aims to provide technical assistance for preparing the feasibility study, identifying financing, and providing solutions for managing sludge in priority sites in Egypt.

It is worth underlining that the current portfolio of cooperation with the EIP stands at EUR 3.5o billion for financing 16 developmental projects in various sectors, including transportation and sanitation.

During the period from 2020 to 2023, the lender has financed the private sector with $2.80 billion.

Last November, the EIB opened a new regional hub in the African country to foster cooperation with private and public partners in the MENA region.

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