The bilateral strategic partnership between Egypt and the European Investment Bank dates back to 1979 with a portfolio amounting to nearly 10.6 billion euros to finance public and private collaborations and support social and economic development.
The loan is allocated to upgrading a sanitation station in Alexandria.
“The objective of financing the urban transport sector with €1.1 billion is to enhance the transition from private cars to a more efficient means of transportation” the Minister noted.
Al-Mashat clarified that €1.1 billion is to finance three projects in the transportation sector with the National Authority for Tunnels.
This includes more than €10 billion of COVID-19-related investment to improve public health, strengthen public services and back investment by companies in sectors hit by the pandemic.
MSMEDA signed Framework agreements with five Egyptian governorates to support the provision and enhancement of community facilities, including drinking water networks, sewage networks, paving side roads with interlocking paving, schools, health clinics, a
International Finance Corporation (IFC) officials in Egypt confirmed their support for the government's vision on consulting with its private sector partners, and supporting private companies during the current crisis.
The financing will contribute to improving sanitation services for people in Alexandria, the bank said in a statement obtained by MENA on Monday.
The deal comes as part of Banque Misr’s move to diversify its funding channels to be used in financing SMEs, the bank said in a statement.
Eleven financial and technical agreements were signed on Saturday.
Director Operations in Neighboring Countries at EIB said the bank's investments encompass fields of renewable energy, transportation, water, sanitation, and SMEs.
The EIB is to boost human capital investments, in light of President Abdel Fattah El Sisi's initiative to invest in human capital.
Contracts have been signed for implementing infrastructure projects in six governorates; namely Assiut, Menoufia, Alexandria, Port Said, Sharkeya and Giza.
In an exclusive interview with Business Today Egypt, Vice- President of the European Investment Bank Dario Scannapieco discusses the country’s economic recovery, and the EIB’s strategic projects and top priorities in Egypt.
The agreement was signed by its Minister Sahar Nasr and the President of the EIB Werner Hoyer.
EIB clarified that it signed two financing agreements for a total amount of EUR 229 million ($260.497 million) to support sanitation and community infrastructure in Egypt.
President of the European Investment Bank (EIB) Werner Hoyer is set to visit Egypt on December 8 and 9 to take part in Africa Forum 2018 in Sharm El Sheikh.
The agreement was signed by Egypt’s Minister of Investment Sahar Nasr and EIB President Werner Hoyer at the headquarters of the EIB in Luxembourg.
This agreement is expected to sustain over 20,000 jobs in Egyptian firms.
Al Ahly Bank Board Chairman Hisham Okasha said financing SMEs is a top priority for the bank in line with the state plan which aims at encouraging SMEs to secure thousands of job opportunities.