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Environment Minister and CBE discuss financing model for waste to energy industry

She also highlighted that the new waste system is being implemented along three paths

By: Business Today Egypt

Sun, Feb. 7, 2021

Minister of Environment Yasmine Fouad and Central Bank of Egypt (CBE) Governor Tarek Amer discussed ways to support Egypt’s waste to energy industry.

Fouad noted that President Abdel Fattah Al-Sisi is interested in finding a successful model for projects to convert waste to energy in Egypt.

The Ministry of Environment has created funding packages for energy waster transfer projects, with investment incentives to encourage the private sector’s participation.

This would include planning for a new waste system, preparing plans for each of Egypt’s governorates, whilst keeping in mind the investment guarantees outlined by the new waste law.

The minister emphasized the importance of providing appropriate financing mechanisms for companies in the field of waste to energy conversion to tackle challenges presented by high investment costs. This is especially important in light of the country’s efforts to establish the new infrastructure which was funded by the state budget, the first phase’s cost was stated to be around LE 3 billion.

She also highlighted that the new waste system is being implemented along three paths. The first path will see the setting up of the system’s infrastructure for collecting, transporting and recycling.

It will also focus on creating a suitable legislative structure, especially relating to the waste law and its executive regulations, which is a basic guarantee for the sustainable management of the system.

The third path is the follow-up and control role, which is undertaken by the Ministry of Environment, through its Waste Management Regulatory Authority.

Amer praised the ministry’s efforts, expression hope for a model for an urban environmental project for the Egyptian state.