{"id":640341,"date":"2024-08-25T00:00:00","date_gmt":"2024-08-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/25\/cabinet-approves-over-eur-1-bn-in-eu-funding\/"},"modified":"2024-08-25T00:00:00","modified_gmt":"2024-08-25T00:00:00","slug":"cabinet-approves-over-eur-1-bn-in-eu-funding","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/25\/cabinet-approves-over-eur-1-bn-in-eu-funding\/","title":{"rendered":"Cabinet approves over EUR 1 bn in EU funding"},"content":{"rendered":"

EU funds are coming our way: <\/strong>The Madbouly cabinet had a busy Thursday<\/a>, approving a long list of decisions, most notably pre-agreed upon funding from the EU.<\/p>\n

Financing agreements with the EU: <\/strong>The cabinet approved presidential decrees regarding three financing agreements with the EU, which will see us unlock over EUR 1 bn in funding.<\/p>\n

#1- EUR 1 b<\/strong>n in macro-financial assistance: <\/strong>The funds are expected to be disbursed before the end of the year and will be delivered in the form of soft-financing with long repayment terms and low interest. This will be the first tranche of a batch of concessional loans that will total some EUR 5 bn, with the rest planned for disbursement between 2025-2027.<\/p>\n

Where it will go: <\/strong>The funds will go towards alleviating external financing constraints, easing the government\u2019s balance of payments and budget needs, and boosting FX reserves, which will in turn boost macroeconomic stability, competitiveness, improve the business environment, and support our green transition. <\/p>\n

Remember: <\/strong>The total EUR 5 bn in concessional loans stems from a wider EUR 7.4 bn package<\/a> of loans, grants, and investments through 2027 that was agreed to under a joint strategic and comprehensive partnership inked between the two sides back in March. In addition to the EUR 5 bn in macro-financial assistance, the EU pledged EUR 1.8 bn of \u201cadditional\u201d investments under the Southern Neighborhood Economic and Investment Plan and EUR 600 mn in grants, including EUR 200 mn for migration management.<\/p>\n

#2- EUR 8 mn for child protection:<\/strong> The EU will grant us another EUR 8 mn to bolster Egypt\u2019s child protection systems, focusing on implementing child protection frameworks and combating child labor as well as ensuring children\u2019s access to education, healthcare, nutrition, and housing. <\/p>\n

The details: <\/strong>The funds will go to the Social Solidarity Ministry and the National Council for Childhood and Motherhood. <\/p>\n

#3- An agreement for EUR 3 mn<\/strong> will support the local manufacturing and development of vaccines and meds. <\/p>\n

We knew this was coming: <\/strong>The EU signed four financing agreements<\/a> with Egypt this summer to provide almost EUR 300 mn to support the development of the country\u2019s private sector, labor force, child protection systems, and meds and vaccine manufacturing.<\/p>\n

ALSO APPROVED- <\/strong>The cabinet also greenlit a number of renewable and infrastructure projects, which include: <\/p>\n

#1- More renewables on the way:<\/strong> Cabinet approved the procedures to install UAE\u2019s Masdar<\/a>, Hassan Allam Utilities<\/a>, and Infinity Power<\/a> \u2019s solar project, which will have a capacity of 1.2 GW of energy and 240 MW\/hour of storage batteries. The consortium\u2019s proposal to begin studying the possible implementation of a 4-GW solar power plant also received the go-ahead.<\/p>\n

REMEMBER- These three companies have a lot in the pipeline for Egypt: <\/strong>Only last week, Masdar, Infinity Power, and the Egyptian Electricity Transmission Company inking a trilateral purchase power agreement to build a 200 MW wind farm<\/a> in Ras Ghareb. Masdar, Infinity Power, and Hassan Allam Utilities are also building a USD 10 bn, 10 GW wind farm project<\/a> in Sohag that is set to be one of the largest wind farms globally and the largest in Africa. The trio, along with global energy giant BP, will also set up a USD 15 bn green hydrogen project<\/a> in the SCZone.<\/p>\n

#2- More projects by AMEA Power:<\/strong> Cabinet also approved the implementation procedures of solar and wind energy projects for UAE\u2019s AMEA Power<\/a> and its proposal to set up a battery storage project.<\/p>\n

AMEA is also no stranger to Egypt:<\/strong> Amea is currently working on 1 GW-worth of renewable projects in Egypt \u2014 a 500 MW solar Abydos<\/a> plant which is set to begin operations by the end of September, as well as a 500 MW wind farm in Ras Ghareb<\/a> that is lined up for completion mid-2025.<\/p>\n

#3- Dry port and logistics zone in Borg El Arab:<\/strong> The Transport Ministry got the thumbs up from the cabinet to proceed with contracting an unnamed company to finance, design, establish, manage, and maintain the planned dry port and logistics zone in Borg El Arab. The project will be carried out over a 30-year period.<\/p>\n

We have an idea who the unnamed company may be: <\/strong>Last year, Egyptian company Ocean Express Shipping signed an MoU<\/a> with the General Authority for Land and Dry Ports to study, establish, manage and operate the planned dry port at Borg El Arab.<\/p>\n","protected":false},"excerpt":{"rendered":"

Some EUR 1 bn of the funds will go towards macro-financial 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