“Boosting Investments in the Mediterranean” Conference yields signing 3 future projects

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On 13 September 2017, on the sidelines of the inauguration of the “Boosting Investments in the Mediterranean” Conference organised by EIB in collabouration with MIIC, the Minister of Investment and International Cooperation Dr. Sahar Nasr signed a financing agreement worth EUR 4.7 million with the Minister of Housing Dr. Mostafa Madbouly and Vice-President of the European Investment Bank (EIB) Mr. Dario Scannapieco to finance Kafr El-
Sheikh Sanitation Project, in presence of the Governor of Kafr El-Sheikh Maj. Gen. Al Sayyed Nasr.

Further, Dr. Nasr and Mr. Scannapieco signed an MOU that includes an agreement for signing 3 future projects with EIB during the upcoming months. Such projects include financing Kitchener sanitation with EUR 209 million, the rehabilitation of sanitation at Lake Qarun in Fayoum with EUR 172 million and the technical support grant worth EUR 400.000 for Alexandria Water and Wastewater Company.

In addition, the Minister indicated that the financing agreement of Kafr El-Sheikh sanitation project was co-financed by several development partners with EUR 163.5 million, EUR 77 million of which was provided by the EIB, EUR 55 million by the European Bank for Reconstruction and Development (EBRD) and EUR 15 million by the European Commission. She pointed out that the objective of the projects was to improve the quality of irrigation water and the environmental quality of the River Nile, Lake Brulos and the Mediterranean. She also explained that cooperation was underway between MIIC and the Ministry of Housing to support projects that improve standards of living within the framework of an integrated system. “We believe in the role played by the private sector in increasing economic activities and creating job opportunities for the unemployed and newcomers to the labour market. Thus, EIB intensifies its support of the private sector within the framework of the economic development support initiative and we have recently approved the provision of EUR 600 million for SMEs in Egypt, Jordan, Lebanon, Tunisia and Morocco within the framework of EIB’s new initiative. We also seek to increase the volume of investments during the upcoming period,” stated Mr. Scannapieco.

The conference was attended by representatives from governments and investors from Egypt, Jordan, Lebanon, Tunisia and Morocco to discuss the current economic status and potential opportunities of economic development as well as the means of supporting micro, small and medium enterprises (MSMEs) so as to support innovation and increase competitiveness.

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