Cairo – Mubasher: The African Development Bank Group (AfDB) approved the provision of EUR 225 million to finance Egypt’s Electricity and Green Growth Support Program (EGGSP).
The facility will help the Egyptian government in meeting its financing needs and expanding into social spending in a bid to mitigate the social and economic repercussions of the coronavirus (COVID-19) pandemic, the minister of international cooperation Rania El-Mashat said in a statement on Wednesday.
“Accelerated deployment of the EGGSP reform program is instrumental to meet energy needs, combat climate change and promote sustainable development in Egypt," El-Mashat added.
The program will contribute to achieving three sustainable development goals (SDGs); namely, the seventh goal for sustainable and clean energy, the 12th goal for responsible consumption and production, and the 17th goal for partnerships for the goals.
AfDB is also working with the French Development Agency (AFD) and Japan International Cooperation Agency (JICA), along with the national authorities, on the program.
