EBRD, EU provide financing for Arabian Cement Company's decarbonisation initiatives
The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) have partnered to provide a financing package and guarantee to Egypt's Arabian Cement Company (ACC) for its decarbonisation initiatives.
EBRD's €25 million financing package, backed by a first-loss risk cover from the EU's European Fund for Sustainable Development Plus (EFSD+), will support the installation of a low-carbon hydrogen injection system at ACC's Ain Sokhna plant.
ACC produces 5 million tonnes of high-quality cement annually, accounting for approximately 8 per cent of Egypt's total production.
(Writing by Deva Palanisamy; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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