Renewable Energy investment part of projects to take up US$50 million

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The Egypt government has been promised by the European Bank for Reconstruction and Development major investment in new projects, including in renewable energy. These projects will be geared towards contributing to better economy and creating more job opportunities.

The Egypt government is also considering environmental standards to be applied to new cement plants using coal as an energy source.

The bank, through its Southern and Eastern Mediterranean department said that it was looking forward to working with the government to improve the livelihoods and the living standards of the most populous Northern Africa country.

Hildegard Gacek, Director of the southern and eastern Mediterranean department of the European Bank for Reconstruction and Development said that the bank has allocated US$50 million to finance small and medium projects in Egypt.

Apart from renewable energy, Gacek said the bank intends to invest in agriculture and infrastructure, as well as in expanding existing projects in transportation, tourism and natural resources.

The European is also expected to finance projects involving the Egyptian ports, to facilitate the importation of coal used for the production of cement and energy saving.

Gacek was speaking in a meeting with Mounir Fakhry Abdel Nour who is the minister for industry, trade and small and medium enterprises.

On his part, Abdel Nour said the Egyptian economy has large investment opportunities that await initiatives from international financial institutions like European Bank for Reconstruction and Development.

“The government attaches great importance to small and medium enterprises because government is considering certain laws to encourage the private sector with incentives, technical support and tax exemptions that the European bank can assist with,” Nour said.