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Egypt’s electricity sector gets €83m AfDB boost

The Board of Directors of the African Development Bank has approved a loan of 83 million euros to finance the…

The Board of Directors of the African Development Bank has approved a loan of 83 million euros to finance the second phase of the Egyptian Green Growth and Electricity Support Programme (EGGSP II), APA can report on Thursday.This is part of the Bank’s budget support to the Egyptian government to strengthen its electricity infrastructure, which should strengthen the private sector and accelerate recovery from the Covid-19 crisis, AfDB said Wednesday in a statement.

 The programme aims to improve the financial viability, governance and operations of the power sector. 

It will also advance the provision of clean and reliable energy to stimulate green growth. 

Egypt’s successful reforms in the sector have led to increased private investment in large-scale renewable energy projects.

 “Egypt’s Vision 2030 instills an ethos of sustainability in all sectors. Energy and electricity are among the key sectors in Egypt’s International Development Cooperation portfolio, pushing towards green reform,” said Egypt’s Minister of International Cooperation, Rania Al Mashat. 

“With 2021 being the year of private sector engagement, the EGGSP will contribute to sustainable growth and job creation and catalyse the development of Egyptian private entities,” she added.

The Bank’s Deputy Managing Director for the North Africa region, Malinne Blomberg, stressed that the African Development Bank continues to actively engage the Egyptian government and private sector companies in support of the country’s medium-term development plan and economic reforms, with a particular focus on infrastructure such as energy, transport, water and sanitation, as well as industrialisation.

 In addition to the African Development Bank, the French Development Agency and the Japan International Cooperation Agency have also provided financial support to the EGGSP.

 

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