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Thursday, 25 November 2021

More green finance from the EBRD

EBRD pumps more USDs into Egypt: Intro Sustainable Resources (IRS) is in line to receive USD 5.3 mn in green finance from the European Bank for Reconstruction and Development (EBRD), according to the bank’s website. The money will go towards several projects including combined heat and power plants, renewable energy generation, electricity distribution, and waste management.

The USD 5.3 mn funding will finance around a quarter of the total project cost — USD 18.7 mn — which will include two combined heat and power plants with a total capacity of 15.5 MW of AC power (MWac).

About IRS: It’s a fully owned subsidiary of Egyptian conglomerate Intro Group and was established in 2020 to develop clean energy, waste management and recycling projects through its subsidiaries, Intro Power and Utilities and Intro Waste Management and Material Recovery. Intro Waste Management acquired recycling company BariQ from Raya for EGP 571 mn earlier this year.

Also from the EBRD: The lender will work with USAID to support tourism in historic Cairo and Luxor and channel private investment into the sector, the US development agency said in a statement yesterday, without providing further details.

Did someone say USAID? The agency has agreed to help finance projects being undertaken by the Local Development Ministry to reform local labour markets, the ministry said yesterday. The funding will go towards creating a new council tasked with strategizing to improve workplace conditions, implementing employment policies, and creating jobs for workers in two unnamed governorates. This follows the successful implementation of a similiar council in Beni Suef, which will also receive part of the funding to support its efforts to improve local labor market efficiency.

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