EBRD to provide EUR 25 mn to local cement player: The European Bank for Reconstruction and Development (EBRD) will roll out a EUR 25 mn financing package to the Arabian Cement Company (ACC) to support its green transition, according to a statement from the multilateral lender. The package will be backed by a first-loss risk cover from the EU’s European Fund for Sustainable Development Plus (EFSD+).

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Where the money is going: The funds are expected to help ACC reduce emissions by 130k tons a year through reading its carbon-intensive production processes and supporting its decarbonization efforts. Additionally, The funding will finance the expansion of ACC’s alternative fuel injection capacity, automation improvements, and industrial facility upgrades.

That’s not all: The funds will also cover the acquisition and installation of a hydrogen injection system — “a first for Egypt’s cement sector” — to boost combustion efficiency and reduce reliance on fossil fuels.

What they said: “With the support of our EU partners, this investment will not only assist ACC in adopting innovative technology, but also promote environmentally responsible industrial practices and complement the country’s decarbonisation efforts, contributing to a greener economy,” EBRD’s Managing Director for the Southern and Eastern Mediterranean Mark Davis said.

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