(MENAFN- Daily News Egypt) Minister of International Cooperation, Rania Al-Mashat, recently signed two agreements totaling €621m with the European Investment Bank (EIB) and the SPE Capital Fund. The purpose of these agreements is to develop Green Sustainable Industries (GSI) and enhance investment in shares of private sector companies in strategic sectors.

The Green Sustainable Industries Project agreement, valued at €271m, was signed by Al-Mashat, Minister of Environment Yasmin Fouad, Director-General for Neighborhood and Enlargement Negotiations at the European Commission Gert Koopman, and Vice President of the EIB, Gelsomina Vigliotti. The project is financed by the European Investment Bank with €135m, along with a €30m grant from the European Union managed by the European Investment Bank. Additional funding comes from the French Development Agency and other financing entities. Implementation of the program will be carried out by the Environmental Affairs Agency and the National Bank of Egypt.

This initiative aligns with Egypt's efforts to collaborate with development partners in promoting a transition to a green economy and supporting climate action. The project aims to facilitate Egypt's industrial shift toward sustainability by implementing climate change and environmental measures. It will cover the entire country, focusing on industrial sites and areas impacted by pollution-particularly air or water pollution-that negatively affect residents and the environment. The project also emphasizes industrial pollution control for air, water, soil, and workplaces, while promoting the use of renewable energy, green hydrogen, and biogas to reduce carbon emissions in the industrial sector.

Furthermore, the project focuses on sustainable industry practices by enhancing energy efficiency, resource utilization, and circular economy interventions. Key environmental procedures, such as environmental permits and impact assessments, will be digitized by the executing entity, contributing to operational efficiency and transparency.

Al-Mashat emphasized that this new project reflects constructive cooperation with the European Investment Bank, supporting Egypt's private sector transition toward climate action and a green economy. The funding will provide financing for industrial companies in both the government and private sectors, stimulating green transformation plans, reducing pollutants, and lowering carbon emissions through the adoption of renewable energy sources and sustainable practices.

The EIB's support for the SPE Capital Fund builds upon a history of financing provided to Egypt's private sector. Over the past five years, the European Investment Bank has enabled investments totalling €790m across 19 equity funds. Its total financing for Egypt's private sector from 2020 to 2023 amounts to approximately €2.8bn under the“Team Europe” initiative.

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