EIB Ok’s two grants for Egypt totaling USD 37 mLn

CAIRO, The European Investment Bank (EIB) signed on Thursday with Egypt two grants’ agreements to provide technical assistance and infrastructure investment through the sewage treatment project in Kafr El-Sheikh governorate with a total value of 662 million pounds (USD 37 million).

In a statement, Egypt’s Ministry of Investment and International Cooperation said that the two grants were signed by Minister of Investment Sahar Nasr and Deputy Regional Representative of the European Investment Bank, Maria Rika.

The Egyptian minister noted that the grants will contribute to improving the quality of life for about half a million citizens in Kafr El-Sheikh governorate, including benefiting 79 villages nearby by providing the first centralized networks for collecting sewage and setting up treatment plants and improving disposal systems within the framework of the state plan for the development and support of poor areas.

Nasr added that the new networks take into account population growth rates, urban expansion and future needs of the governorate, as well as contribute to reducing the pollution of groundwater, water channels and agricultural drainage flowing into the Nile River and improving the quality of water used for irrigation and fish farming.

Nasr pointed out that the two grants is a confirmation of the strategic relationship between Egypt and EIB in the framework of implementing the directives of Egyptian President Abdelfattah Al-Sisi to support the infrastructure and to promote growth and development opportunities.

Source: Kuwait News Agency