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Egypt, EIB ink EUR 300m development financing agreements in 2022

Egypt, EIB ink EUR 300m development financing agreements in 2022
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Cairo - Mubasher: Egypt has signed development financing agreements worth EUR 300 million with the European Investment Bank (EIB) since the beginning of 2022, the Egyptian Ministry of International Cooperation announced.

The country was offered two grants of EUR 24 million from the European Union (EU) within the framework of Egypt Vision 2030

As part of the agreements, the EIB has provided Egypt financing of EUR 221 million to develop the Tanta - El-Mansoura – Damietta railway, alongside the EUR 78 million financing for the implementation of the Helwan wastewater treatment plant.

It is noteworthy to mention that by the end of 2021, Egypt's ongoing cooperation portfolio with the EIB amounted to around EUR 3.5 billion to develop projects across several sectors, including transportation, energy, and sewage.