The European Investment Bank is set to provide Egypt with $1.5 billion in new financing, most of which will be in water treatment.
Bank Vice President Gelsomina Viliouti said the Bank is working with the Egyptian government to bring water, food and energy together to implement a strategy that looks at climate change from multiple economic and population impacts.
Velioti said the bank will work with Egypt in the transport and energy sectors, given their link to carbon emissions.
The bank is working on projects in other countries in the region in the field of desalination, as it finances the Amman-Aqaba pipeline in Jordan, a major desalination project with international partners, plus the private sector, according to the vice president of the European Investment Bank. The bank also works with countries in the Gulf region and looks forward to working with Morocco.
Veliotti noted that investments in the Middle East and North Africa amount to 3.5 billion euros, and Egypt is one of the countries in which the bank has large operations: last year alone, it invested 1 billion euros in Egypt.
The European Investment Bank is one of the world’s largest investment institutions, overseeing investments of over €60 billion, of which €30 billion is in climate action.
On the climate front, the Bank is investing €4.5 billion in Africa and €2.5 billion in Egypt.
In early July, Egypt launched the Nofi program, which is one of the Egyptian government’s mechanisms to reduce carbon emissions by raising funds to implement a package of green projects until 2030 in 3 main sectors: water, food and energy.
Source: Egyptian media