Al-Mashat explained that the loan comes as part of a strategic partnership between Egypt’s government and the EBRD that supports the state’s development efforts to execute a green transition as well as establish sustainable infrastructure for the transportation sector.
She also added that the EBRD’s loan, alongside with other development finances provided by other international institutions, will be utilised to transform Abu Qir’s railway to a green metro line.
Moreover, the loan reflects the serious strides Egypt is taking to push international efforts to accelerate climate action ahead of hosting the 27th session of the Conference of Parties (COP27) officially in Egypt in November 2022.
Since beginning its operations in Egypt in 2012, the EBRD has invested over €7.7 billion in 134 projects, with 80 percent of these investments going to the private sector.
In 2020, during the first wave of the pandemic, the EBRD invested €1 billion in 21 projects in the country, which represents 47 percent of the bank’s total investments in the Mediterranean region.