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EIB grant approved by Egyptian parliament: Egypt’s House of Representatives has approved a EUR 500 mn grant extended by the European Investment Bank (EIB) to support the Egyptian Ministry of Environment’s Sustainable Green Industry project.
About the Sustainable Green Industry initiative: The project aims to decarbonize the country’s industrial and manufacturing sector by funding environmental pollution abatement and energy efficiency tech, according to the summary sheet. EIB’s grant exceeds the EUR 271 mn price tag the bank approximated for the project when it was first signed in December.
The details:The grant will provide access for both public and private climate-focused businesses as well as aid in the ministry’s digital transformation efforts, channeling funds toward providing technical assistance for renewables and green hydrogen projects.
EIB has a solid portfolio in Egypt: The lender inaugurated a new regional hub in Cairo to further its investment — including green investments — in the MENA region last December. The bank is also looking to fund Scatec’s green hydrogen projects in Egypt.
