The African Development Bank (AfDB) has approved an 83 million Euros loan to finance the second phase of Egypt’s Electricity and Green Growth Support Program.
The loan is part of the Bank’s budget support, expected to strengthen Egypt’s electricity infrastructure. The program 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.
Malinne Blomberg, the Bank’s Deputy General for the North Africa Region, said the AfDB continues to engage actively 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 and industrialization.
“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,” said Rania Al Mashat, Egypt’s Minister of International Cooperation.