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Egypt to fund green projects in Suez Canal economic zone

Suez Reuters/Mohamed Abd El Ghany
The ministry will develop a sustainability strategy for Suez Canal economic zone

Egypt will fund environmental projects of local companies in the Suez Canal Economic Zone to drive sustainability and reduce carbon footprint. 

The move by the Ministry of Environment aims to support Egyptian companies to become more efficient, decrease energy and resource consumption and comply with national and global environmental standards, Ahram Online newspaper reported, citing environment minister Yasmine Fouad.

Further, the ministry will help develop a sustainability strategy for the Suez Canal Economic Zone, which includes training companies on implementing sustainable production goals and reducing the carbon footprint of products.

Meanwhile, the ministry’s Egyptian Environmental Affairs Agency (EEAA) signed agreements with three firms to support the green transformation of industrial facilities.

The agency will provide €11.8 million funding for El Nasr for Fertilizers and Chemical Industries’ (Semadco) €13.6 million wastewater treatment plant in Suez.

Another €7 million will be provided to Flex P Films’ €16.05 million recycling facility for polyethylene terephthalate (PET) plastic.

Finally, Huhtamaki Egypt will get funding of €2.84 million from the agency for its €3.59 million ethyl acetate solvent recovery unit, the report said.

The EEAA also signed an agreement with the Egyptian Ministry of Foreign Affairs, UN Development Programme and French Development Agency for a €1.5 million project to assist Egyptian banks finance climate change projects such as renewable energy. 

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