EIB to offer Egypt €150 mln loan to overcome the food problem

MENA , Wednesday 23 Nov 2022

Eefje Schmid, head of the Policy and Impact Unit at the European Investment Bank (EIB) Global's Strategy & Partnerships Department, has unveiled a 150-million-euro loan to be given to Egypt early 2023 to help it overcome the food problem.

 European Investment Bank
The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg


Food is one aspect of the NWFE  program, which was launched by the Egyptian government with the aim to connect green development projects with the sectors of water, food and energy, Schmid said in statements to MENA Wednesday.

Egypt targets $10 billion for the energy sector at NWFE program between 2023 and 2030, the EIB official said, noting that this is a critical period during which climate action should be activated before it is too late.

She voiced commitment to financing high-quality energy projects with the help of the private sector.

The EIB could bankroll about 50 percent of the projects, while other private sector financers could take care of the rest, Schmid noted. 

The EIB is also seeking to finalise its 78 million euro agreement with the Egyptian government to help it implement a wastewater treatment project in Helwan, Schmid said. The ventures are part of the NWFE program that address water problems, she added.

Search Keywords:
Short link: