Egypt’s Minister of the Environment Yasmine Fouad on Wednesday met with European Investment Bank (EIB) director Lionel Rapaille for talks on co-operation and investment.
Discussions also covered opportunities for private sector involvement in sustainable financing, investment in biodiversity and nature-based solutions, waste management and converting waste into energy.
The two sides also discussed the latest developments the Green Sustainable Industry Programme (GSI) in co-operation with the bank to support sustainable development with soft financing packages totaling €268 million for private and public industry for resource efficiency, recycling and clean energy projects.
The environment and climate agenda are among the priorities of the political leadership, the minister said, adding that the private sector should have a defined role in implementing measures set by the government for environment conservation measures and confronting climate change.
Steps have been taken towards greater integration with the private sector and expand the base of partners, by altering the stance of the banking sector on financing climate and green projects, the minister said.
Biodiversity is one of the important areas for Egypt, especially since a draft framework for biodiversity beyond 2020 has been devised, Fouad said, adding that Egypt’s presidency of the COP14 Conference on Biological Diversity should lend weight to the case for private sector involvement in managing natural resources ecotourism.
The minister referred to investment opportunities in the management of agricultural and solid waste since the passing of legislation that defines the role private sector in this field.
For his part, the Director of the European Investment Bank praised Egypt’s efforts in environment and climate protection, complementing it with promoting investment in the fields of environment and climate, implementing the initiatives launched at the COP27 climate conference, and including the private sector.
