The Board of Directors of the African Development Bank (ADB) have approved an 83-million-euro loan to finance the second phase of Egypt's Electricity and Green Growth Support Programme.
The funding is part of the ADB 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 programme seeks to enhance the power sector's financial sustainability, governance and operations to drive green energy growth.
Egypt's successful reforms in the sector have led to greater private investment in renewable energy projects.
"Egypt's Vision 2030 instills the sustainability ethos across all sectors," said Egyptian International Cooperation Minister Rania Al Mashat.
"Energy and electricity are amongst the top sectors in Egypt's International Development Cooperation's portfolio, pushing towards a green reform. With 2021 being the year of private sector engagement, the Electricity and Green Growth Support Programme will contribute towards sustainable growth and job creation and catalyze the development of Egyptian private entities," she said.