Financial institution the European Bank for Reconstruction and Development (EBRD) has announced €25 million in funding to support Egyptian cement manufacturing firm Arabian Cement Company (ACC) in its decarbonization efforts.
ACC will use the funding to enhance automation of industrial processes and install a hydrogen injection system – the first of its kind within the cement sector in Egypt – at its Ain Sokhna plant. With the finance, ACC will implement energy efficiency projects, reducing energy and operational costs as well as greenhouse gas emissions by 130,000 tons per annum.
“This agreement with the EBRD is a key milestone in ACC’s sustainability journey, supporting our transition to cleaner technologies,” stated Sergio Alcantarilla, CEO, ACC, adding that the funding enables the company to contribute towards Egypt’s green industrial transformation.
ACC produces five million tons of cement per annum, approximately 8% of Egypt’s total cement production. Since 2012, the EBRD has invested over €13.8 billion in Egypt through 198 projects, while also providing technical assistance to over 750 SMEs.
