Cairo – Mubasher: The Egyptian parliament has approved a loan agreement with the European Bank for Reconstruction and Development (EBRD) for an additional $50 million to improve the energy efficiency programme of the Suez Oil Processing Company (SOPC).
Signed on 23 November, the additional loan agreement aims to develop Egypt's petroleum sector by enhancing energy efficiency and improving the company's oil refining industry, Egyptian Minister of Investment and International Cooperation Rania El-Mashat said on Tuesday.
This agreement came alongside with the $200 million agreement inked between the Egyptian Ministry of Investment and International Cooperation and the EBRD on 22 May 2018 for the company's energy efficiency project.
El-Mashat added that the fund will help Egypt in its goal to become a regional energy hub, create more job opportunities, provide clean energy, and attain four Sustainable Development Goals (SDGs).
It is noteworthy to mention that the EBRD has invested EUR 6.5 billion in nearly 115 projects in Egypt since the beginning of the cooperation between the two sides, with the private sector accounting for around 56% of these projects.
