These finance agreements are worth 22 million euros and aim to support industrial pollution control projects by the companies based in the Suez Canal Economic Zone
Yasmine Fouad, Minister of the Environment, and Walid Gamal El-Din, Chairman of the General Authority for the Economic Zone of the Suez Canal, witnessed the signing of three financing agreements between the EEAA and El Nasr for Fertilizers & Chemical Industries (Semadco), Flex Films, and Huhtamaki.
These finance agreements are worth 22 million euros and aim to support industrial pollution control projects by the companies based in the Suez Canal Economic Zone.
The agreements come under the ministry’s Egyptian Pollution Abatement Program (EPAP III), which is a ministry initiative with the goal to help industries improve performance, reduce energy and resource consumption and reach compliance with environmental regulations.
EPAP provides a mix of loans and grants to industries eligible for investments from entities such as French Development Agency (AFD), the EU, the European Investment Bank, and Germany’s KfW.
Semadco will be getting 11.8 million euros to finance its 13.56 million euros industrial waste disposal station project in Suez. Felix Films will get 7 million euros from EPAP to help fund its 16.05 million euros Polyethylene terephthalate (PET) project. Huhtamaki Egypt will get 3.6 million euros for its ethyl acetate project which aims to recycle the solvent used in the industrial process by 95%.
The minister added that the protocol seeks to help cut costs and gain the competitive advantages arising from adopting an environmentally sustainable approach to achieve tangible economic growth and ensure conceptual implementation and consolidation.
