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Add to Preferred SourcesThe European Investment Bank (EIB) has signed two financing agreements for a total amount of EUR 229m to support sanitation and community infrastructure in Egypt.
These investments will contribute to the development of a sustainable modern economy – a key element of the EU-Egypt Partnership Priorities. The signing ceremony took place in Sharm El-Sheikh on the margins of the “Business for Africa Forum 2018” in the presence of H.E. the Prime Minister of Egypt Mustapha Madbouli.
“The EU bank continues to support a sustainable, modern economy in Egypt and to reinforce its economic resilience.” commented the EIB’s President Werner Hoyer after the signatures. He added “We are proud to announce that with today’s signatures total EIB financing signed in Egypt since 2012 reaches EUR 5bn. The projects we finance in Egypt make a substantial difference to people’s lives. The Kitchener Drain depollution project is a good example, it will improve the availability of sanitation services as well as drain infrastructure in the Delta region. In addition, the EUR 15m grant will finance investments to improve living standards for disadvantaged and vulnerable persons living in and around urban centres in Egypt.”
The agreement signed was the EUR 214m loan to Kitchener Drain depollution project. This is the first phase of a larger investment programme that was identified by an EU financed pre-feasibility study under the supervision of the Mediterranean HotSpots Investment Program II. The project will reduce pollution in the 69 km long Kitchener Drain, which extends across the Governorates of Gharbia, Kafr El-Sheikh and Dakahlia in the Nile Delta region. It is a good example of multilateral cooperation as it is part of an integrated depollution project comprising a number of investments financed by the European Investment Bank, the European Union – Neighbourhood Investment Facility (NIF), and the European Bank for Reconstruction and Development in wastewater and sanitation, solid waste, and drain rehabilitation– a first of its kind in Egypt.
The new signatures brings EIB’s total finance in 2018 to EUR 800 million for transport, energy, water and wastewater sectors as well as SMEs and Mid-caps finance and Microfinance.
Original source: EIB
Published on 8 December 2018