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The European Investment Bank provides €229 million to support infrastructure in Egypt
Photo Credit To Jack Bracken

The European Investment Bank provides €229 million to support infrastructure in Egypt

The European Investment Bank provides €229 million to support infrastructure in Egypt

The European Investment Bank (EIB) has signed two financing agreements for a total amount of €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 €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 €15m grant will finance investments to improve living standards for disadvantaged and vulnerable persons living in and around urban centres in Egypt.”

The first agreement signed was the €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 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. Approximately 6 million people are expected to benefit from improved and new sanitation and solid waste services as a result of the foreseen investments.

By contributing to the depollution of the Mediterranean Sea, the project also supports the objectives of the Clean Ocean Initiative that was recently announced at the World Bank / IMF annual meetings in Bali and contributes to the environmental objectives highlighted in the EU Egypt Partnership priorities.

The Bank signed also a Grant Agreement with the Arab Republic of Egypt and the Medium, Small, and Micro Enterprises Development Agency (MSMEDA) for an amount of €15m to support the Community Development Program. This grant is funded by the EU under the Neighbourhood Investment Facility (NIF) and will finance investments in community infrastructure to improve living standards for disadvantaged and vulnerable persons living in and around urban centres in several Governorates in Egypt.

Projects to be funded from the grant are expected to include the provision or enhancement of community facilities, including schools, health clinics, and community centres. They may also comprise access infrastructure such as potable water, waste water, solid waste and minor roads, for businesses or residential units. The sub-projects will be implemented by MSMEDA in cooperation with corresponding Governorates.

The new signatures brings EIB’s total finance in 2018 to €800 million for transport, energy, water and wastewater sectors as well as SMEs and Mid-caps finance and Microfinance.

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Post source : The European Investment Bank

About The Author

Anthony has worked in the construction industry for many years and looks forward to bringing you news and stories on the highways industry from all over the world.

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