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African Development Bank supports Egypt with $2m - Daily News Egypt

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African Development Bank supports Egypt with $2m

The $2m grant will finance sustainability projects in Egypt, namely industrial waste management and SME development

Deputy Prime Minister Ziad Bahaa El-Din  (Photo from Al-Borsa News)
Deputy Prime Minister Ziad Bahaa El-Din
(Photo from Al-Borsa News)

The Africa Development Bank (ADB) has signed a $2m grant with the Egyptian government to support the industrial waste management initiative and projects by small and medium enterprises (SMEs)  in Egypt, according to an official statement issued by the bank.

The grant, which is provided by the transition fund for the Middle East and North Africa (MENA) under the umbrella of Deauville’s partnership with Egypt, will finance the “Green Growth” and the development of SMEs.

Minister of International Cooperation Ziad Bahaa El-Din, who attended the signing of the agreement on 19 December, expressed his happiness for “the resumption of the activity between the Ministry of International Cooperation and the African Development Fund”.

“I also want to thank Deauville on its initiative to provide the necessary support for the future of the sustainability and to achieve the economic development for Egypt,” Bahaa El-Dina added.

The Deauville Partnership with Arab Countries in Transition is an international effort launched by the G-8 at Deauville in 2011 to support countries in the Arab world engaged in transitions toward “free, democratic and tolerant societies”.

The waste management initiative includes the development of an integrated and sustainable system which would forge communication between waste generators and potential users and those responsible for recycling waste.

“These efforts will yield positive results and will lay the foundations for a credible and stable financial development for the country,” said ADB Vice President Ali Abu Saba’.

The project will map out areas and facilities that highly produce industrial waste, set policies for waste exchange and raise awareness regarding the environmental hazards of producing waste.

An advisory committee was formed to oversee the projects’ developments. The committee is said to be formed from affiliated representatives from the private sector, the Egyptian Environmental Affairs Agency (EEAA) and the Federation of Egyptian Industries (FEI).

The committee will be responsible for publishing a quarterly report and annual audits and high supervision of the projects’ progress.

Earlier this month, the European Union (EU) signed a €20m agreement with the Deutsche Gessellschaft fur Internationale Zusammernarbeit (GIZ) to improve informal areas in Cairo.

The initiative, which forms part of the €90m EU Spring Package Programme for Egypt recently signed between Bahaa El-Din and EU High Representative Catherine Ashton, will be implemented over a period of five years.

The fund is directed toward improving five informal areas in greater Cairo: Matariya, Giza’s Old Boulaq, Qalyub, Shubra and Khosoos in Qaliubiya Governorate.

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