AfDB approves €83m loan for Egypt’s electricity sector
The funding is part of the Bank’s budget support to the
Egyptian government to strengthen its electricity infrastructure, which is
expected to bolster the private sector and accelerate recovery from the Covid-19
crisis.
The programm seeks to enhance the power sector’s financial sustainability, governance and operations. It will also advance the provision of clean, reliable energy to drive green growth.
Egypt’s successful reforms in the sector have led to greater
private investment in utility-scale renewable energy projects.
“Egypt’s Vision 2030 instills 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,” said Egypt’s Minister of International Cooperation, Rania Al Mashat.
“With 2021 being the year of private sector engagement, the
Electricity and Green Growth Support Program will contribute towards
sustainable growth and job creation and catalyze the development of Egyptian
private entities,” she added.
Malinne Blomberg, the Bank’s Deputy Director General for the
North Africa Region, said the African Development 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, with a particular
focus on economic infrastructure such as energy, transport, water and
sanitation, as well as industrialization.
In addition to the African Development Bank, Agence
Française de Développement and the Japan International Cooperation Agency have
also provided financial support to Egypt’s Electricity and Green Growth Support
Programme.
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