Egypt, EU Sign Agreement to Fund EPAP III

Egypt, EU Sign Agreement to Fund EPAP III

Minister of Environment Yasmine Fouad signed a joint cooperation agreement with the European Union (EU) to obtain a grant of €4 million (equivalent to $4.07 million), within the framework of cooperation between the Ministry of Environment and the EU, in the field of environmental protection and in support of the Egyptian industry.

Fouad confirmed that this grant is part of the funding to implement the third phase of the Egyptian Pollution Abatement Program (EPAP III), with a budget of €145 million (equivalent to $147.72million). It will be executed in partnership with the EU, the European Investment Bank, the French Development Agency, and the German Construction Bank.

The EPAP is one of Ministry of Environment’s most important initiatives to help the Egyptian industry improve performance and achieve compliance with environmental laws and regulations, in addition to reducing energy and resource consumption in a way that supports sustainable development, Fouad noted.

The Minister added that this initiative comes in light of the ministry’s efforts to support serious companies and help them to reconcile their environmental conditions, until full compliance with the law is achieved by providing the necessary technical support, in addition to providing financial support, which is done through the provision of financing packages. It includes soft loans and grants for all types of companies to encourage them to implement environmental projects to reduce pollution while providing a preferential advantage to small and medium-sized companies (SMEs) by providing them with grants of up to 30% of the total cost of the implemented project.

Sarah Samir 2823 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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