Egypt and the European Bank for Reconstruction and Development signed an investment agreement worth 200 million dollars

Media In – Cairo – 22 May
Egypt and the European Bank for Reconstruction and Development signed an investment agreement in support of energy efficiency in favor of the Suez Company for the manufacture of petroleum worth 200 million dollars.
Dr. Sahar Nasr, Minister of Investment and International Cooperation, pointed out that the project aims to invest in energy efficiency and improve the efficiency of its use and the consequent reduction of environmental emissions that cause climate change harmful to public health and the local environment, and modernization of companies in the oil sector and support to increase production and production of high quality fuel complies with specifications The project will contribute to creating new jobs and providing clean energy in a good working environment and economic growth through the implementation of environmental investments.
The minister praised the size of the bank’s investments in Egypt, which so far amounted to 2.7 billion euros, and the total number of projects to 78 projects, and the private sector’s share of the cooperation portfolio so far 71% of the total investment of the European Bank in Egypt, which is now the second largest operating bank .
Minister of Petroleum and Mineral Resources Tariq Al-Mulla announced that the signing of an agreement to raise the efficiency of the projects of the Suez Refinery for the manufacture of petroleum for the projects of redevelopment and modernization of the coalification complex and the recovery unit of the boiler and the establishment of a new high pressure boiler as well as the development of the network of heaters and heat exchangers for distillation unit No. 2, The program of work implemented by the Ministry to develop refineries and raise their efficiency within the framework of the project to develop and modernize the petroleum sector, either by implementing new projects for refining or upgrading the efficiency of existing units with the aim of contributing to securing the supply of petroleum products and keeping pace with demand. For local growing them, reduce the quantities that are imported.