Egypt signs US$320 development financing agreement with EIB

EGYPT – Egypt has signed a US$320.19 million development financing agreement signed with the European Investment Bank (EIB) beginning of 2022.

The country was offered two grants of US$25.62 million from the European Union (EU) within the framework of Egypt Vision 2030.

The Ministry of International Cooperation said, in a statement, that as part of the agreements, the EIB has provided Egypt financing of US$235.87 million to develop the Tanta – El-Mansoura – Damietta railway.

The project will be implemented by the Egyptian Authority for Egyptian Railways, as the project is of great importance, as part of the state’s plan to develop transportation to become more sustainable.

It will further enhance the state’s vision of transforming into smart and sustainable infrastructure, in line with environmental standards.

This supports the implementation of the sustainable development goals, especially the eighth goal: decent work and economic growth, the ninth goal: industry, innovation, and infrastructure, and the eleventh: sustainable cities and communities.

The statement stated that within the framework of the state’s efforts to enhance the sustainable management of water resources, develop water treatment plants, and expand the provision of water and sewage services to all parts of the Republic.

The deal also involves, a soft development financing agreement worth US$83.25 million to implement the “Helwan Sewage Treatment Plant.”

The Ministry of Housing, Utilities and Urban Communities and the Executive Authority for Drinking Water and Sanitation is implementing the project.

The development financing agreements for water and sanitation projects support the state’s efforts to develop the water and sanitation sector.

In addition, it also promotes the implementation of sustainable development goals, especially the third goal: good health and well-being, the sixth goal: clean water and sanitation, as well as the eighth goal: decent work and economic growth.

The map of matching development finances with the UN Sustainable Development Goals indicates that the current funds within the portfolio of the Ministry of International Cooperation, record US$5.4 billion.

This represents approximately 20 percent of the total portfolio, to implement 39 projects, and it is one of the most acquired goals in finances.

The deal additionally includes a grant agreement worth US$4.27 million from the European Union and managed by the European Investment Bank.

It targets the “Industrial Pollution Control – Phase III” program implemented by the Environmental Affairs Agency and the National Bank of Egypt.

The ongoing development cooperation portfolio between the Arab Republic of Egypt and the European Investment Bank amounts to about US$3.74 billion by the end of 2021.

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