Egypt, EU Sign a €271M Agreement to Support the Green Sustainable Industries (GSI) Project

The Egyptian Minister of International Cooperation Rania Al-Mashat and Minister of Environment Yasmin Fouad witnessed on Sunday, June 30, 2024, the signing of a €271 million agreement to support the Green Sustainable Industries (GSI) Project, on the sidelines of Egypt-EU Investment Conference.

This initiative aims to transform Egypt’s industrial sector towards environmental sustainability.

The project will focus on tackling pollution in industrial areas and promote the use of renewable energy, green hydrogen, and biogas to reduce the sector’s carbon footprint.

The project will be financed through a €135 million loan from the European Investment Bank (EIB), a €30 million grant from the EU managed by the EIB, besides an additional funding from the French Development Agency (AFD) and other financiers. The Egyptian Environmental Affairs Agency (EEAA) and the National Bank of Egypt (NBE) will oversee the project’s implementation.

This agreement highlights Egypt’s commitment to a greener future. The project will provide financial support for Egyptian industries to adopt sustainable practices and reduce pollution. The project aims at fostering public-private partnerships for climate action, as it aligns with Egypt’s national environmental strategy, the Egyptian Minister of International Cooperation and Minister of Environment emphasised.