CAIRO – 12 October 2017: The Egyptian government has approved taking a €186 million ($220 million) loan from the European Bank for Reconstruction and Development (EBRD), Minister of Local Development Hisham El-Sherif said in a Thursday statement.
The loan will be used for a sanitation project in Fayoum, which will include building eight new sanitation plants and expanding nine existing plants, Sherif added.
In May, the EBRD approved granting a €186 million loan to the Fayoum Water and Wastewater Company to expand sanitation services.
Egypt’s Ministry of International Cooperation is scheduled to sign on a €172 million loan with the European Investment Bank (EIB) to finance wastewater treatment projects, local media reported in September.
The EBRD has been investing in Egypt since 2012, placing a strong focus on sustainable energy and renewable energy sources. In total, the bank has financed over 50 projects worth more than €2.6 billion.
Earlier this month, the bank opened a new office in Alexandria Monday to confirm its support for the economic development of Egypt.