(Ecofin Agency) - The Tunisian Chemical Group (GCT) just received from the European Investment Bank (EIB) a €19 million loan.

According to the statement revealing the information, the funding is to serve for the environmental upgrade of various important GCT facilities, this in order to reduce gas emissions and liquid effluents, and better treat solid waste.

“Reducing the emission of greenhouse gases is one of our priorities,” said Roman Escolano, vice-president EIB. “This is why we have mobilized funds, skills and expertise needed to support this project which has a direct impact on sustainable development and Tunisians’ daily lives,” he added.

This upgrade program is extremely important for CGT, as its plants are often pointed out by environmental protection organizations and riverside populations. 

Moreover, the loan has a 4% interest rate which extends over 15 years, with a five-year grace period. It is guaranteed by the Tunisian State. Also, the European Commission has provided €10 million to support this project.

Let’s recall that the Tunisian Chemical Group (GCT) is a state-owned firm which produces and processes phosphate extracted in Tunisia into chemical products such as phosphoric acid or fertilizers.