The Ministry of International Cooperation has announced that the House of Representatives has approved non-refundable grants from the Federal Republic of Germany and the European Investment Bank (EIB) worth €80.5 million. The grants will be used to implement various development projects under the economic relations between the Arab Republic of Egypt and multiple development partners.
According to a statement recently issued by the ministry, the House of Representatives approved Presidential Resolution No. 612 of 2023 approving the financial cooperation agreement between the Government of the Arab Republic of Egypt and the Government of the Federal Republic of Germany, worth €80 million, to finance the National Solid Waste Management Program, financial support for the Comprehensive Technical Education Initiative, and risk management mechanisms.
The agreement is worth €80 million and will finance the National Solid Waste Management Program, financial support for the Comprehensive Technical Education Initiative, and risk management mechanisms.
The German Development Bank will provide non-refundable financial contributions worth €80 million through this agreement. This is divided by €28 million to strengthen risk management mechanisms and credit guarantee mechanisms for small and medium-sized companies. Additionally, €32 million will be provided for the comprehensive technical education initiative in Egypt. This will establish 25 Egyptian centers of excellence, including specialized centers, applied technology centers, sectoral centers of excellence in renewable energy and technical schools.
Furthermore, €20 million will be used for the National Solid Waste Management Program at the Ministry of Environment. The aim of this project is the restructuring of the waste sector at the national level, and the implementation of an integrated solid waste management system in four targeted governorates: Kafr El-Sheikh, Gharbia, Qena, and Assiut.
The Minister of International Cooperation, H.E. Dr. Rania A. Al-Mashat, has explained that development cooperation between Egypt and Germany is witnessing remarkable development. "This enhances development efforts in Egypt in various fields with the strong support of President Abdel Fattah El-Sisi. The Ministry of International Cooperation is working to support these efforts and continuous coordination to meet the requirements of various national bodies and enhance the development vision in the country, especially in the areas of transition to a green economy, support efforts to develop education, technical education, and other fields."
Moreover, the House of Representatives has approved Presidential Resolution No. 613 of 2023. This approves the consultative cooperation agreement to support the selection of investment plans for the sustainable green industry project with a value of €500 thousand as a grant from the EIB.
The Sustainable Green Industries Project provides public and private companies with soft loans and grants as an incentive to implement green investments in the areas of eliminating industrial pollution, reducing carbon emissions in the industrial sector through the use of renewable energy, as well as developing sustainable industry practices by increasing energy efficiency and resource use, and digitizing environmental procedures.
The grant that benefits the Ministry of Environment and the Environmental Affairs Agency is worth €500 thousand. After transforming the bank’s office in Egypt into a regional center serving the countries of the region, the joint relations will witness a remarkable development in the future on the level of enhancing cooperation between Egypt and other countries, and supporting South-South cooperation, especially since Egypt is the largest country of operations for the EIB outside the European Union countries.
Follow the latest news on Google News
