Egypt signs a soft financing agreement with the French Development Agency and the European Investment Bank
The Ministries of Planning, Economic Development, International Cooperation, and Environment signed a soft financing and grant agreement with the French Development Agency and the European Investment Bank, worth 53.8 million euros (2.9 billion pounds) within the framework of efforts to implement the Green Sustainable Industries Program (GSI), to support the green transformation of the industrial sector, reduce emissions, and enhance the competitiveness of the sector, during the high-level event organized by the two ministries today to introduce the private sector and representatives of the industry sector to the Sustainable Green Industries Program to support Egyptian industry, with the participation of Representatives of international institutions and representatives of the National Bank of Egypt.
The soft financing agreement was signed by Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, with Ambassador Eric Chevalier, the French Ambassador in Cairo, and Jerome Touran, Vice President of the French Development Agency. The signing was witnessed by Lt. Gen. Engineer Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport. In the same context, the advisory work agreement for the program was signed with a value of 8.8 million euros, a grant from the European Union and managed by the European Investment Bank, and was signed by Dr. Ali Abu Sunna, CEO of the Environmental Affairs Agency, and Guido Clari, Head of the European Investment Bank’s Regional Centre.
The signing was witnessed by Lieutenant General Eng. Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, and Anne Shaw, Deputy Ambassador of the European Union. In Cairo.
For her part, Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, confirmed that the agreement represents an important step in the path of development cooperation between Egypt and its European partners, and reflects the confidence of international institutions in the ability of the Egyptian economy to shift towards more sustainable production models, explaining that the program is directed to support industrial investments aimed at reducing pollution and emissions, and improving the efficiency of energy and resource use within industrial facilities, in a way that achieves a direct impact on environmental quality and supports the competitiveness of Egyptian products. In international markets.
The Minister of Planning, Economic Development and International Cooperation explained that the signing of the agreement comes within the program’s financing package, which amounts to 271 million euros (14.8 billion pounds), which includes joint financing from the European Union worth 30 million euros as a grant, and 135 million euros in soft financing from the European Investment Bank, in addition to the French Development Agency, 45 million financing. Maysar.
She added that the program aims to enhance the industrial sector’s ability to adopt clean technologies and adhere to global environmental standards, stressing that the new funding will contribute to expanding the scope of eligible projects within the program, especially in sectors that consume energy and resources, including iron and steel, cement, chemical industries, food industries, and waste management.
Dr. Manal Awad, Minister of Local Development and Acting Minister, confirmed Environment – in a speech delivered on its behalf by Dr. Ali Abu Sunna, CEO of the Environmental Affairs Agency – that the French Development Agency is contributing to the sustainable green industry program with a soft loan worth 45 million euros, in addition to a European Investment Bank loan worth 135 euros and a European Union grant worth 30.5 million euros, with a total financing of 271 million euros, in order to support industrial facilities to implement a number of projects, the most important of which are compliance with environmental laws and decontamination, carbon removal projects and new energy projects. And renewable energy, energy and resource rationalization projects, and waste recycling projects.
She indicated that the sustainable green industries program aims to achieve a set of strategic goals for the Egyptian state, the most important of which is enhancing the export capacity of the Egyptian industry by supporting industrial facilities to comply with international environmental standards and the requirements of foreign markets, especially European markets, which contributes to removing obstacles to the Egyptian product’s access to these markets and increasing its share. Export.
Dr. added. Manal Awad said that the program aims to raise the efficiency of resource use and reduce production costs by improving the efficiency of energy, water and raw materials, which directly reflects on reducing costs and improving the profitability of industrial facilities, and also increasing the industrial sector’s contribution to the domestic product by supporting the localization of clean technology and stimulating green industrial innovation, which contributes to raising productivity and providing new job opportunities.
For his part, the French ambassador in Cairo said, “Through the GSI program, France and the European team reaffirm their commitment.” By supporting Egypt’s transition towards a cleaner and more competitive industrial sector. This initiative represents a new step in our extended partnership to achieve sustainable, low-emission development.
The head of the European Investment Bank Regional Center explained: “The sustainable green industry project represents a strong indicator of Egypt’s commitment to a greener and more competitive future. Through this €8.8 million EU-funded technical assistance package, we are not only providing vital expertise and capacity building, but we are also enabling Egyptian industries to adhere to the highest environmental standards and seize new opportunities in global markets. The European Investment Bank is pleased to stand alongside our Egyptian and European partners to drive sustainable growth, innovation and enhance resilience in the Egyptian industrial sector.
In the same context, the Deputy Ambassador of the European Union to Cairo stated: “Climate change and pollution require collective action from all sectors of society. The private sector plays a pivotal role in confronting these challenges, while the European Union is committed to supporting Egyptian industries in adopting sustainable practices.
