text: The Arab Republic of Egypt and the European Investment Bank (EIB) today signed a loan agreement worth EUR 200 million for financing a project to promote public transport in Greater Cairo.
  In the presence of Dr Saad Mohamed Elgioshy, Minister of Transport, and Dr Sahar Nasr, Minister of International Cooperation, the financing agreements were signed today.
  The loan is tranche B of the EUR 600 million approved by the European Investment Bank for the Cairo Metro project. The project is part of Greater Cairo’s Transport Master Plan and is expected to greatly reinforce the public transport system in this area, thus promoting a positive modal shift from private cars, alleviating congestion and associated environmental problems and contributing to climate change mitigation.
  The project consists of the design, construction and commissioning of Phase 3 of Line 3 of the Cairo metro system, including infrastructure investments, civil works, rolling stock and a new stabling area for vehicle recovery, thus helping to address the shortcomings of Cairo's overburdened public transport traffic system. The project will (i) contribute to economic growth by reducing urban congestion; (ii) improve the livelihoods of Cairo’s population in an inclusive way by enhancing mobility and improving access to education and jobs; and (iii) mitigate climate change and pollution by promoting a more environmentally sustainable means of urban transport.
  EIB’s lending activities in the Mediterranean region in general and Egypt in particular are based on a Mandate from the European Union – the External Lending Mandate (ELM) currently covering the period 2014/2020 – through which the Bank works together with the EU and the Government of Egypt to support socioeconomic development in the country.
  The European Investment Bank (EIB) is one of the leading development finance players in the Mediterranean region. The Bank’s goal is to support economic and social development by improving people’s living conditions. The EIB aims to establish a tangible presence in the partner countries, focusing on the economic and social priorities of the beneficiary countries to which it not only contributes its financing capacity but also adds value in project implementation and modernisation of public policies through its technical and financial expertise and advisory services.
  Since operations began in Egypt in 1979, the Bank has provided over EUR 6.4 billion of financing in the country. Operations in Egypt cover all sectors, including energy, transport, water and industry, as well as support for small and medium-sized enterprises (SMEs) through credit lines and risk capital. The EIB’s aim in the past years has been to deploy its resources to provide an appropriate practical response to the expectations expressed by Egyptian people.
  The Government of Egypt and the European Investment Bank signed a Joint Declaration on the margins of the Egypt Economic Development Conference (EEDC) held in Sharm El-Sheikh on 13-15 March 2015. The Joint Declaration focused on improving socioeconomic infrastructure in key sectors such as energy, transport, urban development and Public-Private Partnerships and supporting private sector development in the fields of industry, Foreign Direct Investment and SMEs. In line with these priorities and responding quickly, the EIB has identified a pipeline of projects which the Bank can support with financing.
  As part of the European Union’s efforts in Ukraine, the European Investment Bank (EIB), has come together with the EU Delegation to Ukraine and other partners to support the resilience of the country’s education sector. Within its Ukraine Solidarity Urgent Response package, the EIB is providing €10 million in EU guarantee-backed funds to enhance the energy efficiency of Ukrainian universities in the cities of Chernihiv, Ivano-Frankivsk, Kharkiv, Kyiv, Lutsk, Lviv, Odesa, Poltava, Rivne, Sumy, Uzhhorod and Vinnytsia.
  Barbados has successfully completed an unprecedented debt-for climate operation to finance water and sewage projects resilient to climate change. Through support from its international funding partners, Barbados replaced outstanding, more expensive debt with more affordable financing, generating US$125 million in fiscal savings which will be used to enhance water resource management and increase water and food security.
  To spur growth, employment, and the green transition, the European Union has provided a €160 million financial package to support Serbian businesses. This initiative, which was announced today at a ceremony in Belgrade, is the result of a partnership between EIB Global of the European Investment Bank (EIB), and Banca Intesa and Intesa Leasing, as part of a wider collaboration with Intesa Sanpaolo, a banking group leading in Europe. The funds will be available at favourable terms to small and medium-sized enterprises (SMEs) and mid-caps in order to address their working capital and investment needs, as well as to boost green investments in renewable energy, clean transportation and energy efficiency projects. This support will benefit around 240 companies and protect around 25 000 jobs, thus driving climate resilience and competitiveness in the local economy.