The United Kingdom is providing an €80 million guarantee to the African Development Bank (AfDB) to support the 3rd phase of the Al-Gabal Al-Asfar Wastewater Treatment Plant project.
The United Kingdom is providing an €80 million guarantee to the African Development Bank (AfDB) to support the 3rd phase of the Al-Gabal Al-Asfar Wastewater Treatment Plant project. This falls under its Room 2 Run guarantee program.
The Minister of International Cooperation, Rania Al-Mashat, witnessed the announcement of the United Kingdom and the AfDB on the first tranche of projects benefiting from the United Kingdom’s guarantee to support the AfDB in financing climate projects in Africa.
The bank aims to increase climate financing in the countries of the African continent until 2027, and to enable countries to implement their NDCs, divided between efforts and projects to mitigate and adapt to the repercussions of climate change.
Al-Mashat indicated that the guarantee for the 3rd phase of the Al-Gabal Al-Asfar wastewater project reflects the great value that the project represents in light of the steps taken by the Government of Egypt to promote sustainable management of water resources and stimulate efforts to adapt to climate changes.
The project provides its services to about 12 million people in the first and second phases, and the third phase provides services to about 5.5 million people, which reflects the commitment to achieving water security and enhancing climate resilience.
The AfDB announced last week that it raised $2.2 billion to improve Egypt’s water security under the Egypt’s Nexus for Water, Food and Energy (NWFE) program that originally had a target of $1.4 billion.