The European Bank for Reconstruction and Development (EBRD) is studying directing a sovereign loan worth \u20ac250 million to Egypt to modernise and rehabilitate Cairo Metro\u2019s second line.<\/p>\n
The loan is part of EBRD\u2019s inclusive investment package that amounts to $550 million, which is expected to be jointly financed by the European Investment Bank (EIB) and the Egyptian government, the bank added in a statement.<\/p>\n
The modernisation and rehabilitation project will be carried out through Egypt\u2019s National Authority for Tunnels (NAT) \u2013 an affiliate of the Egyptian transport ministry \u2013 while the Egyptian Company for Metro Management and Operation will be in charge of the operation process.<\/p>\n
The project is in line with the EBRD\u2019s strategy for Egypt that targets improving the quality and the sustainability of the public transport sector in the country by enhancing partnerships with the private sector, in addition to turning the country\u2019s economy into a green economy.<\/p>\n
EBRD further said the project is also expected to facilitate transitioning from individual transportation to a sustainable and green public transportation network.<\/p>\n
The bank is currently adopting the Green Economy Transition (GET) (2021-2025) approach to assist countries where it operates in building green, low carbon, and resilient economies.<\/p>\n
Under the new GET approach, the EBRD is set to increase green financing to more than 50 percent of its annual business amount by 2025, with the key aim to lower net annual green house gas emission by at least 25 million tonnes over the course of the next five years.<\/p>\n
The bank\u2019s GET approach also takes into account the COVID\u201019 pandemic and its severe impacts, highlighting areas of opportunity to support a green recovery.<\/p>\n
The approach builds on the EBRD\u2019s long track record of financing green investments, as the bank has earmarked \u20ac36 billion for green investments to date and financed more than 2,000 green projects, which are expected to cut 104 million tonnes of carbon emissions annually.<\/p>\n","protected":false},"excerpt":{"rendered":"
The European Bank for Reconstruction and Development (EBRD) is studying directing a sovereign loan worth \u20ac250 million to Egypt to modernise and rehabilitate Cairo Metro\u2019s second line.<\/p>\n","protected":false},"author":4,"featured_media":320174,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22],"tags":[178],"class_list":["post-323324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-ebrd"],"yoast_head":"\n