ArabFinance: The European Investment Bank (EIB) intends to finance the expansion of Helwan Wastewater Treatment Plant in Egypt, which has a total cost of EUR 200 million (EGP 3.70 billion), according to a September 28th release on EIB website.

The European lender plans to earmark financing worth EUR 78 million (EGP 1.44 billion) for the expansion development.

The project is expected to enhance the public health situation in Helwan district by improving water quality and reducing pollution, the EIB said.

Positive economic externalities and job creation are, in addition, likely to result from carrying out the wastewater treatment facility, the bank added.

“The operation is expected to support climate action due to substantial greenhouse gas emissions savings and investments in sustainable water resources management in the context of water scarcity,” the EIB noted.

Earlier this year, the European bank penned a five-pillar cooperation agreement with the Arab republic.

 

*At press time, the conversion rate is EUR 1 = EGP 18.52

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