🇪🇬EgyptNorth Africa
Egypt to receive first €50 million tranche for green industries in June
via Egypt Today2 min read
Egypt is set to receive the first tranche of up to €50 million in June for its Sustainable Green Industries Program. This funding aims to accelerate Egypt’s green transition and align its industrial sector with international environmental standards, as stated by Hanaa Gomaa, Project Director at the Ministry of Environment. The overall financing agreement, totaling €271 million, was signed during the Egypt–EU Investment Conference in June 2024. The initiative will help Egyptian exporters comply with the European Union’s Carbon Border Adjustment Mechanism CBAM and enhance product competitiveness. The funding includes €135 million in loans from the European Investment Bank EIB and a €30 million grant from the European Union, with additional contributions from the French Development Agency and other international partners. The program is now operational, with the EIB-appointed technical support team starting work in February. Initial approvals have been granted for 8 to 10 industrial projects focusing on energy efficiency, carbon emission reduction, and waste management. The National Bank of Egypt will manage the funds and invite local banks to participate in April to provide financing to factories. Loans will be available in local and foreign currencies, with interest rates for the Egyptian pound at 1% to 2% above the corridor rate and above LIBOR for the U.S. dollar. Individual project loans will range from €200,000 to €25 million.
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This summary was AI-generated from a story originally published by Egypt Today.
President Abdel Fattah El-Sisi stated on Tuesday that Gulf security is an integral part of Egyptian national security, expressing Cairo's full solidarity with Manama amidst regional tensions. These remarks were made during his visit to Bahrain, where he met with King Hamad bin Isa Al Khalifa after a visit to Qatar. The Spokesperson for the Egyptian Presidency, Ambassador Mohamed El-Shennawy, reported that Sisi underscored Egypt’s unwavering support for Bahrain’s stability and condemned any unjustified attacks against the kingdom as a violation of international law and a dangerous regional escalation. He reiterated Egypt's rejection of attempts to compromise the security of Bahrain, Gulf Cooperation Council nations, or the broader Arab region, affirming Cairo's stance with its partners to protect their sovereignty. Sisi also praised King Hamad's leadership in maintaining regional stability and detailed Egypt's diplomatic efforts to de-escalate tensions peacefully. King Hamad welcomed El-Sisi and appreciated Egypt's continuous support for Gulf security. Both leaders emphasized the need for close coordination and joint action to address shared challenges and restore stability.
President Abdel Fattah El-Sisi visited Lusail Palace in Doha to extend his condolences to the Amir of Qatar, Sheikh Tamim bin Hamad Al Thani, following the passing of the Father Amir, Sheikh Hamad bin Khalifa Al Thani. President El-Sisi expressed Egypt's solidarity with Qatar during this period of mourning and acknowledged the late Father Amir's contributions to Qatar's development. The Spokesman for the Egyptian Presidency, Ambassador Mohamed El-Shennawy, confirmed President El-Sisi's message of support. Sheikh Tamim bin Hamad Al Thani thanked President El-Sisi for his visit and emphasized the strong historical ties between their nations, expressing a desire to enhance bilateral cooperation.
Egypt's Minister of Agriculture Alaa Farouk met with AbdulHakim Elwaer, the FAO's Regional Representative for the Near East and North Africa, to discuss strengthening cooperation, particularly FAO's support for the government's "Productive Village Revival" initiative. This initiative aims to transform Egyptian villages from consumer communities into productive economic hubs, promoting sustainable rural development. Key aspects include enhancing youth and rural women's skills, creating jobs, increasing household incomes, and establishing a unified brand for village products. The plan also focuses on diversifying rural income, improving environmental sustainability through waste recycling, expanding contract farming and mechanization, supporting livestock development, promoting silk and beekeeping industries, and strengthening agricultural cooperatives. Elwaer affirmed FAO's readiness to provide technical expertise and support for the initiative's long-term success.