Egypt and the International Finance Corporation have agreed to a $2.3m deal to improve energy efficiency and pollution in Egyptian industry, Ahram Online reports.

IFC Country Manager Nada Shousha stated that the aim of the project is to encourage private sector firms to invest in clean and efficient sources of energy.

The project will fund feasibility studies on local manufacturing of clean energy technologies to be used in Egyptian industry, and for presenting the findings to private sector investors.

Egyptian Trade Minister Tarek Kabil said that the three-year project is part of a wider government initiative to reduce energy waste, achieve sustainable development and boost the competitiveness of Egyptian industry at home and abroad.

Among the key industries targeted will be motor and electric motor factories, which Kabil says consume 60 to 70 percent of Egyptian industrial energy consumption. As a part of the effort, the Egyptian Organization for Standardization and Quality (EOS) will conduct a study on the Egyptian market for motors and establish standards in Egypt to match international norms, the organization said.