Egypt is set to receive a €150 million ($156.3 million) grant in early 2023 from the European Investment Bank (EIB) to help the North African country overcome the current global food crisis, said senior official on Wednesday. Eefje Schmid, head of the Policy and Impact Unit at the EIB Global Strategy and Partnerships Department, said food is part of Egypt's Country Platform for the Nexus of Water, Food and Energy (NWFE) Programme. The programme was launched by the Egyptian government in July 2022 to connect green development projects with the water, food, and energy sectors, The programme is meant to speed up Egypt's climate agenda by mobilising climate finance and private investments to support its green transition. The EIB will also give Egypt $10 billion between 2023 and 2030 designed for the energy sector, Schmid added, explaining that this is a critical period during which climate action should be activated before it is too late. The EIB annually provides Egypt at least €1 billion, she said. The EIB official voiced commitment to financing high-quality energy projects with the help of the private sector. The bank could bankroll around 50 percent of the projects, while other private sector financers could take care of the rest, Schmid added. The EIB is also seeking to finalise its €78-million agreement with the Egyptian government to help it implement two wastewater treatment projects in Helwan and Fayoum, she said. The ventures are part of the NWFE programme that address water problems. On the projects signed by the EIB with Egypt under its presidency of the UN climate summit COP27, Schmid highlighted that the bank has allocated €290 million to financing the upgrading of the 118km Tanta-Mansoura-Damietta railway, which will help develop sustainable transport infrastructure in the Delta region.
