Cairo, Egypt – The Egyptian Ministries of Planning and International Cooperation and Environment signed a new agreement on Sunday with the French Development Agency and the European Investment Bank to secure concessional financing and a grant worth €53.8 million (approximately EGP 2.9 billion).
This funding is intended to support the implementation of the Green Sustainable Industries (GSI) program. This program aims to lead the green transformation of the industrial sector and enhance its competitiveness. It also aims to reduce carbon emissions.
Financing and signing details
The agreement was announced during a high-level event organized by the two ministries, where the following documents were signed:
The concessional financing agreement was signed by Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, and the French Ambassador to Cairo, Eric Chevallier. She also signed it with the Vice President of the French Development Agency, Jérôme Touraine.
An agreement for consultancy services worth €8.8 million, funded by a grant from the European Union and managed by the European Investment Bank, was signed. It was signed by Dr. Ali Abu Senna, CEO of the Egyptian Environmental Affairs Agency, and Guido Clari, Head of the European Investment Bank’s Regional Office.
Al-Mashat indicated that the total value of the program’s funding amounts to €271 million (EGP 14.8 billion). This is distributed between concessional financing and grants from the European Investment Bank, the French Development Agency, and the European Union.
Program objectives and target sectors
Minister Al-Mashat affirmed that the agreement reflects the confidence of international institutions in Egypt’s commitment to sustainable industry. She explained that the program focuses on reducing pollution and emissions, improving energy and resource efficiency, and enhancing the competitiveness of Egyptian products in global markets.
The program targets key industrial sectors that are energy and resource intensive, such as iron and steel, cement, chemical industries, food industries, and waste management.
The French ambassador and the head of the European Investment Bank’s regional office praised the move, emphasizing Team Europe’s commitment to supporting Egypt’s transition to a cleaner and more competitive industrial sector. They also support enabling Egyptian industries to comply with global environmental standards.
