Egypt inks agreements with EIB, SPE Capital Fund to boost GSIs

PHOTO

Egypt has signed two agreements worth a total of €621 million with the European Investment Bank (EIB) and the SPE Capital Fund to boost green sustainable industries (GSI) and enhance equity investments in companies, as per an official statement.

The first agreement worth €271 million was signed between Minister of International Cooperation Rania Al-Mashat, Minister of Environment Yasmine Fouad, the Director General for Neighborhood and Enlargement Negotiations (DG NEAR) at the European Commission Gert Koopman, and Vice President of the European Investment Bank (EIB) Gelsomina Vigliotti on the GSI project.

This project is financed by the EIB with €135 million, along with a €30 million grant from the European Union (EU) managed by the EIB and a funding from the French Development Agency (AFD) and other financing entities.

The program is implemented by the Egyptian Environmental Affairs Agency (EEAA) and the National Bank of Egypt (NBE).

It aims to foster the transition of the industrial sector in Egypt to green economy by taking actions related to climate change and environmental sustainability.

Moreover, Al-Mashat witnessed the signing of a €350 million agreement between the EIB and SPE Capital Fund.

Through this agreement, the EIB targets to enhance the fund’s investments in high-growth companies, especially in the sectors of healthcare, pharmaceuticals, education, manufacturing, financial services, logistics, and consumer goods, in Egypt, Tunisia, and Morocco.

The financing is expected to create over 10,000 new job opportunities, enhancing economic development in Egypt and North Africa.