African Development Bank to fund Egypt project
Tunis, December 25, 2013
The African Development Bank Group (AfDB) and the Egyptian Ministry of International Co-operation have inked a deal to provide $2 million grant for funding an industrial waste management and SME entrepreneurship hub in Egypt.
The grant to the Green Growth Industrial Waste Management and SME Entrepreneurship initiative comes from the Middle East and North Africa Transition Fund, under the umbrella of support provided by the Deauville Partnership to Egypt.
The initiative will encompass the development of a sustainable integrated industrial waste exchange system that will link industrial waste generators, potential users, and recyclers.
The objectives of the initiative are to improve cross-industry resource efficiency, promote the development of new innovative SMEs, create green job opportunities, and reduce the environmental impact of industrial waste, with the ultimate goal of improving the lives of Egyptians, said Ziad Bahaa El Din, Deputy Prime Minister and Minister of International Cooperation after signing the agreement with Aly Abou-Sabaa, the African Development Bank VP in charge of Agriculture, Water, Human Development and Governance.
Ziad Bahaa El Din expresssed delight at the new co-operation between the African Development Bank and the Ministry of International Cooperation, and lauded Deauville for taking the initiative to offer the necessary support for achieving a sustainable future and economic development in Egypt.
Abou-Sabaa commended the commitment of the Egyptian government to implement ambitious reforms and bring about macroeconomic stability in the context of the country's ongoing transition process.
"These efforts are bearing tangible results and have laid the foundation for a credible path to fiscal sustainability," he added.
The project's comprehensive plan involves several key components, including the mapping of industrial waste at the enterprise level, the development of policy recommendations for industrial waste exchange in Egypt, as well as raising awareness and building capacities of stakeholders on the industrial waste exchange program.
This will be the second grant for Egypt from the Fund after its funding for MSMEs in Organic Clusters in May this year.-TradeArabia News Service