AfDB signs US $2 million grant for an Industrial Waste Management and SME Entrepreneurship hub in Egypt
The African Development Bank Group (AfDB) and the Egyptian Ministry of International Cooperation on Thursday, December 19 in Cairo, Egypt, signed off on a grant for US $2 million to finance the Green Growth Industrial Waste Management and SME Entrepreneurship initiative. The grant comes from the Middle East and North Africa Transition Fund, under the umbrella of support provided by the Deauville Partnership to Egypt.
The initiative will encompass the development of a sustainable integrated industrial waste exchange system that will link industrial waste generators, potential users, and recyclers. The objectives of the initiative are to improve cross-industry resource efficiency, promote the development of new innovative SMEs, create green job opportunities, and reduce the environmental impact of industrial waste, with the ultimate goal of improving the lives of Egyptians.
At the signing ceremony attended by Ziad Bahaa El Din, Deputy Prime Minister and Minister of International Cooperation, the African Development Bank Vice-President in Charge of Agriculture, Water, Human Development and Governance, Aly Abou-Sabaa, re-affirmed AfDB’s commitment to supporting Egypt’s continued economic development and praised the government for its efforts, whilst urging for a continued program of reform, necessary to attract foreign investment.
Ziad Bahaa El Din expressed his happiness towards this signing agreement. He said, “I would like to express my happiness about this new cooperation between the African Development Bank and the Ministry of International Cooperation, and give special thanks to Deauville for taking the initiative to offer the necessary support for achieving a sustainable future and economic development in Egypt.”
“I would like to commend the commitment of the Government of the Arab Republic of Egypt to implement ambitious reforms and bring about macroeconomic stability in the context of the country’s ongoing transition process. These efforts are bearing tangible results and have laid the foundation for a credible path to fiscal sustainability,” Abou-Sabaa stated during the signing ceremony.
The project’s comprehensive plan involves several key components, including the mapping of industrial waste at the enterprise level, the development of policy recommendations for industrial waste exchange in Egypt, as well as raising awareness and building capacities of stakeholders on the industrial waste exchange program.
An advisory committee has been structured to oversee the project and will include representatives from the major stakeholders, including the private sector, the Egyptian Environmental Affairs Authority and the Federation of Industries. This along with the quarterly progress reports and annual external audits will ensure the project has significant oversight, and will be well supported to achieve progress in its objectives.
Abou-Sabaa concluded his remarks by emphasizing AfDB’s commitment to the people of Egypt, assuring them of the Bank’s continued support for the country’s ongoing transition process.
With its special focus on fostering young entrepreneurs in establishing innovative SMEs using waste management, this ambitious project marks an important step in securing Egypt’s future economic stability.
This will be the second grant for Egypt that the Fund has financed after the Support to MSMEs in Organic Clusters, which was signed during the Bank’s Annual Meetings in May 2013.