During the EU-Egypt Investment Conference in Cairo, the European Investment Bank (EIB Global) unveiled a €271 million financing initiative aimed at empowering industrial companies throughout Egypt.
This scheme aims to reduce pollution, enhance energy efficiency, promote renewable energy adoption, expand circular economy practices, and bolster environmental standards.
The new €135 million financing from EIB Global, complemented by a €30 million grant from the European Union and additional funding from the French Development Agency (AFD), is set to mobilize approximately €271 million in climate-oriented business investments.
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This initiative is poised to play a pivotal role in Egypt’s shift towards a low-carbon, environmentally sustainable economy.
EIB Global will also provide €135 million for the Green Sustainable Industry scheme that will also help Egyptian companies to adhere to the European Union Carbon Border Adjustment Mechanism
EIB Global will provide €135 million for the Green Sustainable Industry scheme, which will also help Egyptian companies comply with the carbon levy imposed from 2026 onwards.
“The Green Sustainable Industry program shows how Egyptian and European partners are tackling climate change together. By combining technical understanding and financial engagement, Egyptian companies will be better able to access climate finance and unlock large-scale new investment that drives renewable energy adoption, enhances recycling and reduces pollution”, said Gelsomina Vigliotti, Vice President of the European Investment Bank.
She added, “EIB Global’s backing for the €271 million scheme for climate action and environmental protection formally agreed at this week’s EU-Egypt Investment Conference represents the largest-ever dedicated support from the European Investment Bank for climate-focused business investment in Egypt and demonstrates our shared commitment to climate action and sustainable development,” said Gelsomina Vigliotti, Vice President of the European Investment Bank.
The Green Sustainable Industry program has been developed by the Egyptian government, the financial sector, and businesses alongside Team Europe partners, including France and the European Union, in a unique climate-focused partnership.