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· The Board of Directors of the African Development Bank (AfDB) announced a €225 million loan to finance Egypt’s Electricity and Green Growth Support Program (EGGSP), to promote sustainable development and mitigate climate change impacts on Egypt
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The loan would help meet the Government’s financing requirements, expand social expenditures to mitigate the socio-economic impact of
the pandemic and will support a sound electricity infrastructure
The Board of Directors of the African Development Bank (AfDB) announced a €225 million loan to finance Egypt’s Electricity and Green
Growth Support Program (EGGSP), to promote sustainable development and mitigate climate change impacts on Egypt, according to the Minister of International Cooperation Rania Al-Mashat.
The loan would help meet the Government’s financing requirements, expand social expenditures to mitigate the socio-economic impact of
the pandemic and will support a sound electricity infrastructure. The project calls for effective cooperation and coordination between the government, the private sector and Egypt’s development partners, including AfDB, AFD and JICA.
The Minister commended AfDB’s role in supporting several energy projects in Egypt. She also praised Dr. Al-Mashat’s coordination
efforts with AfDB, noting that EGGSP aimed to enhance secured energy supplies by expanding power generation from renewable energy sources and enhancing financial sustainability for the energy sector. This would ensure larger private sector engagement in injecting more investments in the renewable energy sector and raising the efficiency and quality of energy services to further mitigate climate change impacts and sustain green growth, besides improving corporate governance and competitiveness.
The Bank’s Director General for the North Africa Region Mohamed El Azizi, while praising Egypt’s recent efforts in combating the COVID-19 implications said that the economic reforms undertaken by the Government and the Central Bank of Egypt over the past few years have
helped create greater resilience and provide a buffer against fall out of the COVID-19 pandemic.
Recently, the World Bank’s Board of Executive Directors approved a US$400 million to Egypt to fund the new health insurance system and in popularizing it in the governorates as reported by www.trendsnafrica,.com , a few days ago.
