Second Pollution Abatement Project

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The Second Pollution Abatement Project for Egypt aims to demonstrate that market-based financial/technical approaches are effective in reducing industrial pollution in selected hot spots areas in and around the Alexandria and Greater Cairo areas. There are two project components. Component 1 will focus on pollution abatement in major hot spots in the Alexandria and Greater Cairo Governorates and will target the industrial sector at large. It's to be financed by a line o f credit facility managed by an Apex Bank (National Bank o f Egypt) and financed from a World Bank loan as well as concessionary loans from the European Investment Bank and the Japan Bank for International Cooperation, among other international donors. Component 2 consists of technical Assistance activities aimed at strengthening the capacity o f Egyptian Environmental Affairs Agency and other key stakeholders and provide project management support. The Carbon Finance Sub-program is a sub-program that seeks to set up a sustainable pollution abatement program by using portions o f the revenues from the sale to the World Bank and other buyers of emission reductions generated under the Kyoto Protocol's Clean Development Mechanism. The World Bank will monitor the use o f the revenues generated from the sales o f emission reduction and ensure that pollution abatement activities are being implemented using the Second Pollution Abatement Project model.