Egypt Signs $320.19 Million Development Financing Deal With EIB

Egypt Signs $320.19 Million Deal With The EIB (News Central TV)

Egypt has signed a development financing agreement worth US$320.19 million with the European Investment Bank, EIB, to begin in 2022.

The European Union (EU) offered the country two grants totaling US$25.62 million as part of Egypt Vision 2030.

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

The project will be implemented by the Egyptian Authority for Egyptian Railways because it is critical to the state’s plan to develop more sustainable transportation.

It will strengthen the state’s vision of transforming infrastructure into smart and sustainable infrastructure that meets environmental standards.

This contributes to the achievement of the Sustainable Development Goals, particularly the eighth goal of decent work and economic growth, the ninth goal of industry, innovation, and infrastructure, and the eleventh goal of sustainable cities and communities.

President of the EIB Werner Hoyer

According to the statement, the development of water treatment plants and the expansion of water and sewage services to all parts of the Republic are all part of the state’s efforts to improve the sustainable management of water resources.

A soft development financing agreement worth US$83.25 million is also included in the agreement to build the Helwan Sewage Treatment Plant.

The project is being carried out by the Ministry of Housing, Utilities, and Urban Communities, in collaboration with the Executive Authority for Drinking Water and Sanitation.

Water and sanitation development financing agreements help the state’s efforts to develop the water and sanitation sector.

Furthermore, it encourages the implementation of the Sustainable Development Goals, particularly the third goal of good health and well-being, the sixth goal of clean water and sanitation, and the eighth goal of decent work and economic growth.

The map of matching development finances with the UN Sustainable Development Goals shows that the Ministry of International Cooperation’s current funds total US$5.4 billion.

This represents roughly 20% of the total portfolio, to implement 39 projects, and is one of the most acquired financial goals.

The agreement also includes a grant agreement worth $4.27 million from the European Union, which will be managed by the European Investment Bank.

By the end of 2021, the Arab Republic of Egypt and the European Investment Bank’s ongoing development cooperation portfolio will be worth approximately US$3.74 billion.

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