Israël: EIB supports one of the largest desalination projects worldwide
- June 22, 2020
- Category: Investment and Finance, Middle East, Technology
The European Investment Bank, the EU’s long-term financing institution, has signed a EUR 150 million finance contract with the company SMS IDE Ltd targeting the design, financing, construction and operation of a seawater desalination plant using reverse osmosis technology in Sorek, Israel.
The new loan will support the development of the Sorek II desalination plant – with a capacity of 200 million m3 per annum, Sorek II will become one of the largest desalination plants in the world.
The project marks a milestone in the desalination industry with cutting edge technology to improve energy consumption and carbon emissions.
The plant will meet the growing domestic demand while increasing the availability of reused water for agriculture.
Through the financing of the project, the EU bank is supporting a high priority water supply infrastructure in one of the world’s most water-stressed regions. In addition to meeting growing domestic demand while increasing regional water transfers, it will also positively affect people’s daily lives in the region by improving water quality delivered to consumers. Increasing the availability of reused water for agricultural users will contribute to the switch away from freshwater usage and facilitating sustainable replenishment of aquifers
The project is line with the objectives of the Neighbouring Financing Facility (NFF) 2014-2020 and EU/Israel Action Plan. complementing other EIB water sector projects in the region.