African Development Bank Loans EUR83 Million for Green Energy in Egypt
Egypt’s Electricity and Green Growth Support Program works to reform the nation’s power sector, leading to immense volumes of private investment in the country's renewable energy projects.
Egypt’s Electricity and Green Growth Support Program will receive a loan of EUR 83 million from the African Development Bank (AfDP) to help it recover from the financial impact of the COVID-19 pandemic.
The programme works to reform Egypt’s power sector, which has led to immense volumes of private investment in renewable energy projects across the nation.
“Energy and electricity are amongst the top sectors in Egypt’s International Development Cooperation’s portfolio, pushing towards a green reform,” said 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.”
The loan is part of AfDB’s budget support of the Egyptian government and its mission to reinforce its national electricity infrastructure. The Electricity and Green Support Program is further supported by the Agence Française de Développement and the Japan International Cooperation Agency.
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