Egyptian Minister of Environment Yasmeen Fouad on Thursday met with European Investment Bank vice president Gelsomina Vigliotti on video conference to discuss preparations for Sustainable Green Industry Programme (SGI) in Egypt.
“Through the SGI public and private sector companies will receive €268 million in funding for recycling, generating clean energy and efficient resource management,” the minister said.
“The programme’s aim is to support industry in its transition to a green economy, along with actions on climate change and environment sustainability,” the minister added.
In recent years the government has been encouraging investment to accelerate the transition to a green economy, prompting the Environment Ministry to assign a new unit for climate and environment investment supporting private sector involvement in green projects, Fouad said.
Fouad went on to say her ministry is preparing to launch the Green Investment Forum in July to promote opportunities for green investments here.
Fouad voiced hope for further cooperation with the EIB in phase three of the Egyptian Pollution Abatement Programme (EPAP) III with grants to industries in Alexandria and Greater Cairo.
For her part, Vigliotti said the EIB works with leading banks worldwide to investment in cutting carbon emissions and harness renewable energy.
“This new partnership with the Environment Ministry to implement the SGI programme will enable Egyptian businesses to embrace green energy, cut energy bills and contribute to climate action,” she said.
“The SGI also supports Egypt’s 2030 sustainable development strategy and the recent industrial development strategy,” she added.
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