EIB Global backs €271 million Egyptian climate action, environmental pollution and carbon border business financing scheme

July 3, 2024
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At the EU-Egypt Investment Conference in Cairo, the European Investment Bank (EIB Global) announced support for a €271 million businesses financing scheme to enable industrial companies across Egypt to cut pollution, improve energy efficiency, increase renewable energy use, scale up circular economy business practices, and strengthen environmental standards.


The new €135 million EIB Global financing, alongside €30 million grant from the European Union, to be managed by EIB Global, and financing from French Development Agency, AFD, is expected to unlock nearly €271 million in climate-focused business investment, contributing significantly to Egypt’s transition to a low-carbon and more climate and environmentally friendly economy.


EIB Global will provide €135 million for the Green Sustainable Industry scheme that will also help Egyptian companies to comply with the European Union Carbon Border Adjustment Mechanism when the carbon levy is imposed from 2026 onwards.


The largest ever EIB Global support for climate focused business investment and the complementary grant agreement with the European Union were signed by Rania Al-Mashat, Minister of International Cooperation, Yasmine Fouad, Minister of the Environment, Gelsomina Vigliotti, Vice President of the European Investment Bank and Gert Jan Koopman. Director General, DG NEAR, European Commission.


“International cooperation is the cornerstone of being able to accelerate progress towards the green transition. Today with the EIB, we signed the Green Sustainable Industry financing initiative, signaling a national commitment to support the transition of industry in Egypt to a green economy, decrease industrial pollution, and reduce carbon emissions by putting forward renewable energy and circular economy strategies, all in line with the Government of Egypt’s priorities. As the European Union’s climate bank, the EIB is one of our long-standing partners in climate initiatives and in the green transition, especially as the lead partner of the sustainable transport pillar in Egypt’s Country Platform for the NWFE Program, hence we look forward to more work together as we chart a course towards a greener and more prosperous future for Egypt,” said H.E. Dr. Rania A. Al-Mashat, Minister of International Cooperation of the Arab Republic of Egypt.

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Countries covered:

  • Egypt