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African Development Bank approves $99 mn funding for Egypt’s green project

The loan was approved to finance the second phase of Egypt’s Electricity and Green Growth Support programme

The Egyptian government has received funding of $99 million from the African Development Bank to help finance the second phase of Egypt’s Electricity and Green Growth Support programme, according to media reports.

The board of directors approved the loan and the funding is said to be a part of the bank’s support to the Egyptian government to strengthen its electricity infrastructure. This move is expected to strengthen the private sector and help the economy recover faster from the setback of the Covid-19 crisis.

The programme also plans to enhance sustainability, governance, and operation. It will also help advance the use of clean, reliable energy to help drive growth. Egypt has already successfully implemented some of the reforms in the sector and that has resulted in increased private investment for renewable energy projects.

Rania Al Mashat, Minister of Egypt’s International Cooperation told the media, “Egypt’s Vision 2030 instils the sustainability ethos across all sectors. Energy and electricity are amongst the top sectors in Egypt’s International Development Cooperation’s portfolio, pushing towards a green reform. With 2021 being the year of private sector engagement, the Electricity and Green Growth Support Programme will contribute towards sustainable growth and job creation and catalyse the development of Egyptian private entities.”

Malinne Blomberg, African Development Bank’s director-general for the North Africa region also quipped in saying that the bank continues to actively engage with the Egyptian government and private sector companies to support the country’s medium-term development plan and economic reforms. The bank is also focusing on economic infrastructure such as energy, transport, water and sanitation, as well as industrialisation to help accelerate economic growth.

Additionally, the African Development Bank Agence Française de Développement and the Japan International Cooperation Agency have come together to provide financial support to Egypt’s Electricity and Green Growth Support Programme.

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