European Investment Bank (EIB) and Egypt nourished their partnership focusing on the values of materialism, encouraging economic recovery, and charting the sustainable and green transition, Ministry of International Cooperation announced on Sunday.
EIB has signed development financing agreements with Egypt worth total 300 million euros (321,969,000$) since the beginning of 2022, minister Rania Al-Mashat said.
EIB earmarked 221 million euros to upgrade the “Tanta-El Mansoura-Damietta railway” project, which accomplished by the Egyptian Railways Authority, according to Al-Mashat. As, the project serves the government vision to redevelop the transportation sector and take forward steps to add Egypt on the world map of sustainable and green cities.
The Ministry aims to create a clear pipeline for investment and implementation aligned the partnership with EIB, which gives the importance for the following Sustainable Development Goals (SDGs):
SDG 9 (Industry, Innovation and Infrastructure)
SDG 6 (Clean Water and Sanitation)
SDG 8 (Decent Work and Economic Growth)
SDG 11 (Sustainable Cities and Communities).
Al-Mashat added there is another specified agreement from EIB amounted 78 million euros to upgrade the Helwan wastewater treatment plant, which executed by the Ministry of Housing, Utilities and Urban Communities and the National Organization, aligned with the development financing agreements.
European Union awards another 20 million euros for the Alexandria west wastewater treatment plant project, which implemented by the Ministry of Housing, and the National Organization.
The total financing for SDG 6 (Clean Water and Sanitation) equals $5.4 billion, representing approximately 20 percent of the total portfolio to implement 39 projects.
