Cairo – Mubasher: Egypt has signed an agreement with the European Investment Bank (EIB) to support the infrastructure of the Kitchener drain sanitising project with EUR 214 million out of total financing worth EUR 400 million.

Total financing includes EUR 148.3 million from the European Bank for Reconstruction and Development (EBRD), in addition to an EUR 46 million grant from the Neighbourhood Investment Facility (NIF).

The agreement was signed by the Egyptian investment and international cooperation minister Sahar Nasr and the president of EIB Werner Hoyer in Luxembourg.

The project aims to gather and treat wastewater, manage solid waste, and re-establish the infrastructure of the drainage, Nasr said in a statement on Tuesday.

Under the project, nearly 24 water waste treatment plants will be upgraded and six drainages will be expanded, she added.

For his part, Werner Hoyer noted that the bank’s investments in Egypt hit EUR 8.2 billion in more than 90 projects in the fields of energy, transport, drinking water, drainages, and small- and medium-sized enterprises (SMEs).

Coordination between EIB and Egypt grew three times higher in the past period, reaching EUR 1.7 billion, he noted.

Source: Mubasher

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