EU to finance green transformation in Egypt at €7 mln

Ahram Online , Monday 14 Oct 2024

Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat and Head of the European Union (EU) Delegation Christin Berger signed on Sunday the European Green Facility initiative to finance green transformation in Egypt valued at €7 Million.

 European Green

 

The signing took place during the seventh edition of Cairo Water Week, held under the patronage of President Abdel-Fattah El-Sisi, according to a statement by the Ministry of Planning, Economic Development and International Cooperation.

The initiative aims to enhance green transformation in Egypt, as part of the Team Europe initiative.

Moreover, it supports Egypt’s effort in combating climate change.

It aligns with the country’s development efforts and the objective of Egypt’s Nexus of Water, food, and energy program (NWFE).

The minister emphasized that this initiative will enhance policy dialogue and foster partnerships between the public and private sectors in the fields of water and green transformation.

Moreover, she noted that these initiatives align with the contributions of international financing institutions to support the water sector and food security in Egypt by providing technical support and financing for water desalination plants and establishing water treatment stations that conserve water resources for agricultural use.

Additionally, she affirmed that the initiatives launched with the EU underscore the shared commitment to continue efforts to enhance climate action, support green transformation, and achieve economic development.

"The European Green Facility represents an important step forward in our partnership with Egypt to address global issues such as climate change and resource management. We aim to ensure a sustainable future for all while improving regional stability and economic development through investment in renewable energy, water conservation, and climate adaptation," Berger stated.

Egypt and the EU announced in March the elevation of their relations to a strategic partnership during the visit of the President of the European Commission to Egypt, where a political declaration to elevate relations and a financing package of €7.4 billion until 2027 were signed to support development efforts and joint investments, including stimulating green investments.

In March, France and the (EU finalized financing agreements worth €61.5 million to support the development of the Yellow River Water Treatment Plant project in Egypt.

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