CAIRO: Interim President Adly Mansour approved a government agreement signed in Luxemburg on Dec. 17 between Egypt and the European Investment Bank securing a €205 million loan for the Al-Shabab electric project in the Nile Delta.
The project seeks to contribute to social and economic development in Egypt. It will be implemented by the Egyptian Holding Company for Electricity and the East Delta Electricity Production Company.
The EIB agreed to support Egypt by signing contracts for several development projects to foster economic growth, encourage investment and enhance job opportunities. The contracts will be worth €392 million, according to an official EIB press release on Dec. 18.
The agreements included €187 million for water, transport and small and medium enterprise projects (SMEs), and €205 million for energy.
According to the EIB website, at the signing ceremony, EIB Vice President Philippe de Fontaine Vive said, “Our aim is to support Egypt’s new social and economic transition by financing projects encouraging growth and employment. This is why we decided to contribute to the modernization of infrastructure and the development of SMEs. Through this action, we are contributing to improve the daily life of the Egyptian people and building a future for the younger generation.”
Additionally reporting by Mohamed al-Galy