The board of directors of the African Development Bank (AfDB) has approved a €225 million ($253 million) loan to finance Egypt’s Electricity and Green Growth Support Programme (EGGSP).
The funding will help meet the government of Egypt’s financing requirements in the light of the COVID-19 pandemic and support a sound electricity infrastructure base, a key enabler for the private sector and for the country’s competitiveness.
The EGGSP reform programme seeks to promote a sustainable, competitive and diversified electricity sector that ensures secure supply and supports climate change mitigation and green growth.
“Accelerated deployment of the EGGSP reform programme is instrumental to meet energy needs, combat climate change and promote sustainable development in Egypt. This multi-partner programme provides a model for effective coordination among development partners as we continue to collaborate with all development partners to promote for a green recovery” said minister of international cooperation, Dr Rania Al Mashat. Read more…
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