Egypt approves another grant from Germany + EIB: The Egyptian Parliament approved four grants worth EUR 80.5 mn from the German Development Bank and the European Investment Bank (EIB) aimed at supporting the growth of the country’s green sector, according to a statement.

The bulk of the funds will be provided by the German Development Bank: The German Development Bank will extend a total of EUR 80 mn to Egypt, of which EUR 28 mn will be dedicated to enhancing risk management mechanisms and credit-guarantee systems, EUR 32 mn to establish 25 education centers focusing on applied tech and renewable energy, and EUR 20 mn allocated to the Ministry of Environment’s National Solid Waste Management Program. The latter fund aims to restructure Egypt’s waste sector and implement an integrated solid waste management system in four targeted governorates: Kafr El-Sheikh, Gharbia, Qena, and Assiut.

And the rest will go to Egypt’s green industry initiative: The remaining EUR 500k will be provided by the EIB to support the selection of investment plans for Egypt’s Sustainable Green Industry Project. The funds will provide public and private companies with soft loans and grants to implement green investments specifically aimed at eliminating and reducing industrial pollution through the use of renewable energy.

ICYMI- Egypt just gave the green light to a EUR 500 mn grant: Egypt’s House of Representatives approved a EUR 500 mn grant by the EIB on Sunday to support the Sustainable Green Industry project. The grant will provide access for both public and private climate-focused businesses as well as aid in the ministry’s digital transformation efforts, channeling funds toward providing technical assistance for renewables and green hydrogen projects.

EIB has a solid portfolio in Egypt: The lender inaugurated a new regional hub in Cairo to further its investment — including green investments — in the MENA region last December. The bank is also looking to fund Scatec’s green hydrogen projects in Egypt.

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