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The fourth phase will expand the daily treatment capacity of the plant from 1.6 million cubic meters to 2 million cubic meters Egypt and the African Development Bank Group (AfDB) penned a financing agreement for the fourth phase of the Abu Rawash Water Treatment Plant, as per a statement. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, signed the deal with Akinwumi Adesina, President of AfDB. The fourth phase will expand the daily treatment capacity of the plant from 1.6 million cubic meters to 2 million cubic meters. This project will benefit the residents of Giza by providing improved health infrastructure, public health, and environmental quality. It will also secure new opportunities for agriculture, protect the ecosystem, and create job opportunities. Al-Mashat lauded the AfDB’s role in driving private sector empowerment efforts, adding that Egypt is looking forward to securing further financing mechanisms and tools provided by the bank to promote local and foreign investment in Egypt. She also addressed the bank’s participation in the Nexus of Water, Food, and Energy (NWFE) program and cooperation on the renewable energy desalination projects. The bank provided a $345 million guarantee in 2023 for Egypt to issue Africas first sustainable Panda bonds, worth $478 million, contributing to diversifying funding sources. Its worth noting that the AfDB began its operations in Egypt in 1974, with a total sovereign cooperation portfolio exceeding $7.79 billion across 128 operations. Total non-sovereign cooperation portfolio crossed $1.1 billion across 14 private sector operations. |
