African Development Bank Provides €83 Million Loan to Egypt’s Electricity and Green Growth Support Program

  • The Board of Directors of the African Development Bank have approved an €83 million loan to finance the second phase of Egypt’s Electricity and Green Growth Support Program.
  • The funding is part of the Bank’s budget support to the Egyptian government to strengthen its electricity infrastructure, which is expected to bolster the private sector and accelerate recovery from the Covid-19 crisis.

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. Egypt’s successful reforms in the sector have led to greater private investment in utility-scale renewable energy projects.

“Egypt’s Vision 2030 instills the sustainability ethos across all sectors. Energy and electricity are amongst the top sectors in Egypt’s International Development Cooperation’s portfolio, pushing towards a green reform,” said Egypt’s Minister of International Cooperation, Rania Al Mashat. “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,” she added.

Malinne Blomberg, the Bank’s Deputy Director General for the North Africa Region, said the African Development Bank continues to actively engage 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, as well as industrialization.

In addition to the African Development Bank, Agence Française de Développement and the Japan International Cooperation Agency have also provided financial support to Egypt’s Electricity and Green Growth Support Program.

Author: Bryan Groenendaal

Leave A Reply

About Author

Green Building Africa promotes the need for net carbon zero buildings and cities in Africa. We are fiercely independent and encourage outlying thinkers to contribute to the #netcarbonzero movement. Climate change is upon us and now is the time to react in a more diverse and broader approach to sustainability in the built environment. We challenge architects, property developers, urban planners, renewable energy professionals and green building specialists. We also challenge the funding houses and regulators and the role they play in facilitating investment into green projects. Lastly, we explore and investigate new technology and real-time data to speed up the journey in realising a net carbon zero environment for our children.

Receive the week’s most popular stories in your inbox every Saturday morning