Signing of the Green Sustainable Industries Project agreement worth €271 million between the Ministry of International Cooperation, Ministry of Environment, the European Investment Bank, and the European Union.
"Al-Mashat" witnessed the signing of financing between the European Investment Bank and SPE Capital Fund amounting to €350 million to boost investments in company shares at the regional level.
Dr. Rania Al-Mashat, Minister of International Cooperation, signed two agreements totaling €621 million with the European Investment Bank and the SPE Capital Fund to support green sustainable industries (GSI) and enhance investments in company shares during the Egyptian-EU Investment Conference.
Green Sustainable Industries (GSI) Development Project
Dr. Rania Al-Mashat, Minister of International Cooperation, Dr. Yasmin Fouad, Minister of Environment, Mr. Gert Koopman, Director-General for Neighborhood and Enlargement Negotiations at the European Commission, and Gelsomina Vigliotti, Vice President of the European Investment Bank, signed the Green Sustainable Industries Project agreement valued at EUR 271 million. The project is financed by the European Investment Bank with EUR 135 million, a EUR 30 million grant from the European Union managed by the European Investment Bank, in addition to funding from the French Development Agency and other financing entities. The program is implemented by the Environmental Affairs Agency and the National Bank of Egypt.
This agreement comes within the state's efforts to collaborate with development partners to promote the transition to a green economy and support climate action. The project aims to support Egypt's industrial transition to a green economy by implementing climate change and environmental sustainability measures. It will cover the entire country, focusing on industrial sites and areas affected by pollution - particularly air or water pollution - negatively impacting residents and the surrounding environment. The project also enhances industrial pollution control of air, water, soil, and workplaces, and reduces carbon emissions in the industrial sector through the use of renewable energy, green hydrogen, and biogas.
The project also works on developing sustainable industry practices by improving energy efficiency, resource use efficiency, and circular economy interventions. The executing entity will also digitize its key environmental procedures, such as environmental permits and impact assessments, contributing effectively to efficiency and transparency in these operations.
H.E. Dr. Rania Al-Mashat, Minister of International Cooperation, stated that the new project is part of constructive cooperation with the European Investment Bank to support the private sector's transition in Egypt towards climate action and green economy. The funding will be used to provide financing for industrial companies, both in the government and private sectors, to stimulate green transformation plans, reduce pollutants, and lower carbon emissions through the use of renewable energy, green hydrogen, and biogas, and to develop sustainable industrial practices.
European Investment Bank Funding for SPE Capital Fund
In another context, Dr. Rania Al-Mashat, Minister of International Cooperation, witnessed the signing of an agreement worth €350 million between the European Investment Bank and the SPE Capital Fund. Through this agreement, the European Investment Bank aims to enhance the fund's investments in high-growth company shares, especially in healthcare, pharmaceuticals, education, manufacturing, financial services, logistics services, and consumer goods sectors in Egypt, Tunisia, and Morocco. The agreement was signed by Ms. Gelsomina Vigliotti, Vice President of the Bank, and Mr. Nabil El-Treki, Managing Partner and CEO of SPE Capital.
It is expected that the funding will contribute to creating more than 10,000 new job opportunities, enhancing economic development in Egypt and the North Africa region.
Dr. Rania Al-Mashat, Minister of International Cooperation, explained that the European Investment Bank's support for the SPE Capital Fund builds on an extensive history of support and financing provided by the bank to the private sector in Egypt, promoting comprehensive and sustainable economic development and supporting the competitiveness of the Egyptian economy, contributing to job creation. She highlighted that over five years, the European Investment Bank has enabled investments totaling EUR 790 million in 19 equity funds, with its total financing for the private sector in Egypt from 2020 to 2023 amounting to approximately €2.8 billion under the "Team Europe" initiative.