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Thursday, 2 December 2021

Spain offers EUR 400 mn to finance joint projects

The Spanish government could provide EUR 400 mn in credit facilities for “joint projects” in Egypt, under an agreement signed by Prime Minister Moustafa Madbouly and his Spanish counterpart, Pedro Sanchez, yesterday, according to a cabinet statement. The framework, which came during Sanchez’s visit to Egypt, will be earmarked for projects in transport, renewable energy, water and sewage treatment, and agriculture. The facilities will also help finance the import of supplies from Spain that would be used for public and private sector projects in the specified sectors.

What’s in line for funding? Egypt recently signed multiple agreements and MoUs with Spanish companies on railway and metro infrastructure development that could reap the benefits of the facilities. The Transport Ministry signed an MoU with CAF and Japan’s Mitsubishi to upgrade and maintain the railcars for Cairo Metro Line 2. Train manufacturer Talgo is also set to provide us with trains while Revenga will supply Egyptian National Railways with an electronic ticket booking system.

Spain to work more closely with Egypt on clean energy: State-owned gas company EGAS and the Spanish Técnicas Reunidas signed an agreement to deepen cooperation on clean energy projects, such as hydrogen, carbon capture and biofuel, the Egyptian Oil Ministry said in a statement.

More from Sanchez’s visit: President Abdel Fattah El Sisi and Sanchez trade and investment in talks at the Presidential Palace, according to an Ittihadiya statement. The two also announced the establishment of the Egypt-Spain Business Council that would help manage and oversee joint projects between the two countries, including those in the private sector.

Also taking place yesterday: Egypt and Spain also signed an agreement to increase bilateral economic cooperation and trade, as well as two memoranda of understanding to increase sports and cultural engagements between the countries.

Sanchez’s visit landed itself a spot on last night’s talk shows: Al Hayah Al Youm (watch, runtime: 1:47) and Ala Mas’ouleety (watch, runtime: 7:31) covered the visit and the PM’s meeting with President El Sisi.

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