CAIRO - 14 November 2022: The European Investment Bank (EIB) intends to provide new financing to Egypt worth $1.5 billion, most of which will focus on the water treatment sector, Vice President Gelsomina Vigliotti said in an interview with Al-Sharq website on the sidelines of the COP27 climate summit being held in Sharm El-Sheikh.
According to Vigliotti, the Bank and the government are focusing on linking water, food and energy to implement a strategy that looks at climate change from several aspects related to the economy and the impact on the population.
She said that the bank will work with Egypt in the transport and energy sectors, given their links to carbon dioxide emissions.
According to the Vice President of the EIB, the bank is working on projects in other countries in the region in the field of water desalination, as it finances the Amman-Aqaba pipeline in Jordan, a huge desalination project with international partners in addition to the private sector as well.
The bank also works with countries in the Gulf region and looks forward to working with Morocco.
Velioti pointed out that there are €3.5 billion of investments in the Middle East and North Africa, and that Egypt is one of the countries in which the bank manages large operations. Last year alone, it invested €1 billion in Egypt.
The European Investment Bank is one of the world's largest investment institutions, overseeing more than €60 billion in investments, including €30 billion in climate activities.
Of the climate item, the Bank invests €4.5 billion in Africa and €2.5 billion in Egypt.
Egypt launched the "NWFE" program in early July, which is one of the Egyptian government's mechanisms to reduce carbon emissions by attracting funds to implement a package of green projects until 2030 in three main sectors: water, food, and energy.
Leave a Comment