Minister of Investment and International Cooperation Sahar Nasr has signed an agreement with the European Bank for Reconstruction and Development (EBRD) to receive a loan worth €186m to the Fayoum Water and Wastewater Company for the development and expansion of its wastewater services. This is expected to create over 30,000 permanent jobs in one of the poorest governorates in Egypt, the statement read. The EU has allocated €425 million in grants, leveraging €2 billion in blended finance through European financial institutions to support the water sector in Egypt,” said ambassador Ivan Surkoš, head of the EU delegation to Egypt. The EBRD believes that successful economies should be competitive, well-governed, green, inclusive, resilient, and integrated. It is important to mention that Egypt is a founding member of the EBRD and has been receiving funding since 2012.

Source: Daily News Egypt May 28, 2017 15:00 UTC