The EBRD will provide up to €25 million, supported by risk cover from the EU's European Fund for Sustainable Development Plus (EFSD+), to help accelerate the green transition in Egypt's industrial processes.
The EU's EFSD+, established in 2021, is designed to mobilize financial resources for sustainable development. It has a substantial guarantee capacity to support investments in partner countries.
This initiative focuses on reducing carbon emissions, with yearly reductions of around 130,000 tonnes expected. Key projects funded by this initiative include expanding ACC's alternative fuel injection capacity and installing a new energy-efficient hydrogen injection system, a first for Egypt's cement industry.
The financing agreement was signed by ACC CEO Sergio Alcantarilla and EBRD’s chief operating officer for client service and managing director of industry, commerce and agribusiness Jean-Marc Peterschmitt, with EBRD managing director for southern and eastern Mediterranean Mark Davis present.
“We are delighted to be signing this agreement, which showcases our continued support for the decarbonization of the Egyptian cement industry,” Davis stated. “With the support of our EU partners, this investment will not only assist ACC in adopting innovative technology, but also promote environmentally responsible industrial practices and complement the country’s decarbonisation efforts, contributing to a greener economy.”
Alcantarilla echoed this sentiment: "This agreement with the EBRD is a key milestone in ACC’s sustainability journey, supporting our transition to cleaner technologies. The integration of hydrogen injection technology at our Ain Sokhna plant will enhance operational efficiency and significantly reduce our carbon footprint.”
Egypt and the EBRD: A long-standing partnership
Egypt is a founding member of the EBRD, which started investing in the Arab Republic in 2012. Since then, the bank has invested over €13.8 billion in 198 projects and provided technical assistance to more than 750 small and medium-sized enterprises (SMEs).
Short link: