EIB LENDS EGYPT EURO 30 MILLION FOR IMPROVING URBAN ENVIRONMENT IN ALEXANDRIA.
The European Investment Bank (EIB) announced on April 21 that it is lending Euro 30 million to the Arab Republic of Egypt, acting through the Ministry of Housing, Utilities and Urban Communities (MHUC), for upgrading and extending water and sewerage services in Western Alexandria.The project consists of the design and construction of a comprehensive waste-water collection system and a biological waste-water treatment plant in the Western part of Alexandria. Due for completion in 2003, the project will serve a population of 750,000. The future re-use of treated effluent and sewage sludge is currently being reviewed under a study financed through the EIB's Mediterranean Environmental Technical Assistance Programme (METAP). Using METAP funds, the EIB has helped to prepare a number of studies for projects of benefit to the environment in Egypt.The EIB said it is supporting the investment because of its environmental benefits for the 2.5 million inhabitants of Alexandria, second largest city in Egypt, as well as for the wider Mediterranean region. The project will treat sewage flowing into Lake Maryout, a highly valuable wetlands area and reduce discharges into the Mediterranean Sea.The investment is financed under the Euro-Med Partnership Mandate (1997-2000) and would benefit from an interest subsidy of 3% funded from the European Community's Budget, reflecting its environmental benefits.-- This is EIB's seventh loan in Egypt under the Euro-Med Mandate. It brings EIB financing under this Mandate to Euro 291 million, and total EIB financing committed in Egypt in the last three years to more than Euro 800 million, of which over Euro 600 million has already been disbursed. Supporting economic and financial links between Egypt and the European Union in this period, the EIB has become one of the major financing partners for the Egyptian economy.--
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|Article Type:||Brief Article|
|Date:||Apr 24, 1999|
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