Egypt has just signed a € 151 million subsidy agreement with France to develop its sustainable energy strategy 1
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Denys Bédarride
Tuesday 30 June 2020 Last update on Tuesday, June 30, 2020 At 6:58 AM

The funds will be used to reform the sector and its structures for better implementation of the country’s 2035 Sustainable Energy Strategy.

Egypt has just signed a financing agreement worth € 151 million with the French Development Agency (AFD). The funds allocated in the form of grants will go to the Energy Sector Budget Support Program.

Obtaining it is part of the platform envisaged by the government to mobilize short-term funding from development partners to cope with the impact of the pandemic.

With this new funding, the country will improve the financial viability, governance and operational efficiency of its electricity sector. A section of the action will also be devoted to supporting clean energy projects, according to Rania Al-Mashat, the Egyptian Minister for International Cooperation.

The program, which falls within the framework of the Sustainable Energy Strategy 2035, drawn up by the Egyptian government, will also provide triennial technical assistance to the Ministry of Electricity and Renewable Energies and its affiliated structures as part of a reform of the whole sector.

Source Agence Ecofin June 2020