Joint statement: Egypt and the European Investment Bank

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Egypt-EIB Joint Statement on Bilateral Partnership
The Arab Republic of Egypt and the European Investment Bank (EIB) will continue to
promote inclusive growth and private sector development. The EIB will support Egypt in
its inclusive multilateral and bilateral engagement with development partners,
governments, global policy makers, private sector and the civil society to effectively
deliver Egypt’s 2030 national agenda, consistent with the UN Sustainable Development
Goals.
Egypt and EIB have enjoyed a strong bilateral partnership:
1. Since the beginning of its operations in Egypt in 1979, the EIB provided project
financing of approximately EUR 9.7 billion to support Egypt’s efforts to
modernize its economy.
2. The current Egypt-EIB portfolio is worth over EUR 2.3 billion and has been very
diverse supporting development projects in various sectors, including: water and
wastewater, transportation, SMEs, air navigation, environment, energy.
3. In the water and sanitation sector, Egypt and EIB benefitted from EU grants and
technical assistance funds to implement a number of projects that aim at
reducing the water scarcity and pollution levels, as well as contribute to the
Clean Oceans Initiative. Moreover, financing the Cairo Metro lines, which serve
over 2 million passengers per day, help reduce traffic and CO2 emissions in the
capital.
4. Egypt benefits from EIB support through the Economic Resilience Initiative (ERI)
including projects such as the Fayoum Wastewater Expansion Project and the
Kitchener Drain Project in the Nile Delta aimed at improving sanitation services
for over one million people.
5. The EIB is managing many grants provided by the European Union in blending
operations (approximately EUR 67 million for on-going projects), for example the
Kafr El-Sheikh Wastewater Project, the Community Development Program,…)
6. Under the EIB Risk Capital Facility (RCF), part of the EU Initiative for Financial
Inclusion, EIB invested in Egypt Mid-Cap, a private equity fund supporting local
SMEs that will create over 1000 jobs. More resources to boost entrepreneurship
and foster social inclusion are also mobilised through the EIB intermediaries. For
example, Banque Misr, through EUR 500 million financing facility has supported
500 SMEs and Midcaps in manufacturing, creating almost 5000 new jobs so far.

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7. The EIB contributed to support the private sector with approximately EUR 4.9
billion, especially for SME’s, since the beginning of its operations in Egypt.
Egypt and the EIB look forward to stepping up economic cooperation to deliver Egypt's 2030
Vision, consistent with the UN Sustainable Development Goals. In particular:
8. At the beginning of 2020, Egypt and the EIB signed new agreements for the
development of water and wastewater and transportation sectors in Egypt,
worth EUR 122.7 million of development financing:
- The Alexandria West Wastewater Treatment Plant Extension and Upgrade
Project will help to increase the total capacity of the plant from the current
462,000 m3/day to 600,000 m3/day to account for the projected population
increase in the plant’s catchment area up to year 2050.
- The grants for the Feasibility Study for the Rehabilitation of the Cairo Metro
Line 2 and the Complementary Studies for Tanta-Mansoura-Damietta Railway
Upgrading, which reflect the continuation of EIB’s support to Egypt in the
transport sector, focusing especially on railways, metros and other public
transport modes.
9. Egypt and the EIB will strengthen their cooperation on sustainable development
and the environment, based on the 2030 Agenda for Sustainable Development
and the United Nations Framework Convention on Climate Change.
10. Egypt and EIB will seek to strengthen cooperation in several key sectors including
education, healthcare, transport, energy and environment (water and
wastewater, climate adaptation).
11. The EIB will continue to support inclusive economic growth and private sector
development, including financing to SME’s.
12. Egypt and EIB will continue their bilateral exchanges and visit, with the aim to
further promote regular dialogue and information flow.