EU bank signs deal with Egypt to improve sanitation services

BRUSSELS, The European Investment Bank (EIB) signed Wednesday an agreement with the Egyptian government for an amount of 214 million euro (USD 247 million) to support the Kitchener Drain depollution project.

The new financing is part of the EIB’s Economic Resilience Initiative (ERI) and will improve the sanitation and solid waste services for approximately 6 million people in the Nile delta region, said the EIB in a press release.

The agreement was signed at the headquarters of the EIB in Luxembourg by Dr. Sahar Nasr, Egyptian Minister of Investment and International Cooperation and EIB President Werner Hoyer.

“As the world’s largest lender in the global water sector, we are signing today a new agreement supporting the depollution of a crucial drain in Egypt. This project will have a great impact, as it will make sanitation services more available and improve the quality of water and farming conditions in the Nile Delta region,” said Werner.

The project aims at the depollution of the 69 km long Kitchener Drain, which extends across the Governorates of Gharbia, Kafr El-Sheikh and Dakahlia in the Nile Delta region.

Today’s agreement brings EIB’s total finance to Egypt in 2018 to approximately 740 million euro (USD 855 million).

The EIB is the long-term lending institution of the European Union owned by its Member States. The EIB says that is one of the leading development finance players in the Mediterranean region.

Source: Kuwait News Agency