Cairo – Mubasher: Egypt’s parliament approved the presidential decree no. 583 of 2020 regarding the EUR 225 million loan agreement signed on 8 June with the African Development Bank (AfDB), the Minister of International Cooperation, Rania El-Mashat, announced.
The loan will finance the country’s Electricity and Green Growth Support Program (EGGSP) to meet energy needs, combat climate change, and promote sustainable development, according to a statement on Monday.
The funding will help the government meet its financing needs and expand into social spending in a bid to mitigate the social and economic repercussions of the coronavirus (COVID-19) pandemic, El-Mashat noted.
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.
