Dr. Rania Al-Mashat, Minister of International Cooperation in Egypt, recently announced the signing of two agreements totaling 621 million euros with the European Investment Bank. These agreements aim to support and develop sustainable green industries, enhance investment in private sector shares, and boost the transition to a green economy in Egypt.
The first agreement, valued at 271 million euros, focuses on sustainable green industries and involves collaboration between the Ministries of International Cooperation and Environment, the European Investment Bank, and the European Union. The second agreement, worth 350 million euros, is aimed at financing investments in corporate shares at the regional level through the SBA Capital Fund.
During the Egyptian-European Investment Conference, Dr. Rania Al-Mashat, along with Dr. Yasmine Fouad, Minister of Environment, signed the agreements with representatives from the European Investment Bank and the European Commission. The funding provided by these agreements will support various initiatives such as transitioning industries to a green economy, reducing industrial pollution, and creating sustainable industrial practices.
The goal of the first agreement is to implement measures related to climate change and environmental sustainability in industrial sites across Egypt. It focuses on reducing pollutants and carbon emissions through the use of renewable energy, green hydrogen, biogas, and sustainable industrial practices. The second agreement aims to enhance investments in high-growth companies in sectors like healthcare, pharmaceuticals, education, manufacturing, and financial services, creating over 10,000 new job opportunities in Egypt.
These agreements are part of Egypt’s efforts to cooperate with development partners to support climate action, economic development, and job creation. Dr. Rania Al-Mashat emphasized the importance of transitioning to a green economy and supporting private sector transformation through these agreements. The European Investment Bank’s long history of supporting the private sector in Egypt has been instrumental in driving sustainable economic development in the region.