EIB to inject $1.5bln in Egypt for water projects

The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Eric Vidal, Reuters

Staff Writer, Mubasher

Cairo – The European Investment Bank (EIB) plans to provide new financing of $1.50 billion to Egypt for water treatment projects, EIB Vice-President, Gelsomina Vigliotti, told Asharq Business on the sidelines of COP27 currently taking place in Egypt’s Sharm El Sheikh.

EIB and the Egyptian government focus to link water, food, and energy to implement a strategy that considers climate change from many sides related to the economy and the impact on people.

The bank will also cooperate with the Arab world’s most populous nation on the transport and energy sectors, being main contributors to CO2 emissions.The EIB is the lending arm of the European Union. It is the world’s biggest multilateral financial institution and one of the largest providers of climate finance.

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