Cairo - Mubasher: The House of Representatives has approved two agreements valued at EUR 336 million with the European Bank for Reconstruction and Development (EBRD) and the French Development Agency (AFD), the Egyptian Minister of International Cooperation, Rania El-Mashat, announced.
The two agreements will enable Egypt to enhance its electricity sector and fund development policies to achieve the 2030 National Agenda and the 17 Sustainable Development Goals (SDGs), according to a press release.
El-Mashat referred that the first agreement with EBRD will dedicate EUR 182.9 million for the construction of 5 substations in several governorates across Egypt, including South Sinai, Port Said, Assiut, and Minya to improve the electricity network.
Under the first agreement, EUR 150,000 will also be granted to the Egyptian Electricity Transmission Company (EETC) to support internal capacity building.
The minister of international cooperation further remarked that EBRD has invested over EUR 7 billion in 120 projects across Egypt since 2012.
As for the agreement with the French Development Agency, EUR 150 million will be provided for reforms in the electricity, in addition to EUR 1 million for three years to accelerate the implementation of the 2030 national sustainability agenda, adopted by the Egyptian government in October 2016.
Hence, financial sustainability, management, and operational efficiency of the energy sector in Egypt will be enhanced, and Egypt’s green transformation will be fostered.
It is noteworthy to mention that Egypt's cooperation with France totalled EUR 1 billion in the sectors, including transport, electricity, small and medium enterprises, housing, utilities, and agriculture.
