Egypt: EIB lends EUR 30 million for improving the urban environment
The European Investment Bank (EIB), the European Union's long-term financing institution, is lending EUR 30 million (£20 million) to the Arab Republic of Egypt, for upgrading and extending water and sewerage services in Western Alexandria.
The project consists of the design and construction of a comprehensive wastewater collection system and a biological wastewater treatment plant in the western part of Alexandria. Due for completion in 2003, the project will serve a population of 750 000.
The future reutilisation of treated effluent and sewerage sludge is currently being reviewed under a study being financed through EIB’s Mediterranean Environmental Technical Assistance Program.
The EIB says it is supporting the investment because of its environmental benefits for the 2.5 million inhabitants of Alexandria, second largest city in Egypt, as well as for the wider Mediterranean region. The project will treat sewage flowing into Lake Maryout, a highly valuable wetlands area and reduce discharges into the Mediterranean sea.
The investment is financed under the Euro-Med Partnership Mandate (1997-2000) and would benefit from an interest subsidy of 3% funded from the European Community’s budget, reflecting its environmental benefits.