The African Development Bank Group (AfDB) will grant EUR 225 mn (EGP 4.1 bn) in financing to Egypt’s Electricity and Green Growth Support Program (EGGSP), in a bid to provide necessary funds to combat the pandemic and “support a sound electricity infrastructure base,” Invest-Gate reports.

“Accelerated deployment of the EGGSP reform program is instrumental to meet energy needs, combat climate change, and promote sustainable development in Egypt,” Minister of International Cooperation Rania Al-Mashat said in a Cabinet statement on June 17, stressing that the facility will buttress control measures being taken by the state in light of the outbreak, which is already reeling from the consequent social and economic tumult.

On his part, Minister of Electricity and Renewable Energy Mohamed Shaker pointed out, “The EGGSP aims to improve the security of energy supply by increasing the share of renewable energy and improving the financial sustainability of the electricity sector, with a view to ensuring greater participation of the private sector in injecting more investments in renewable energy.”

AfDB’s Country Manager for Egypt Malinne Blomberg underscored that the newly-approved program is a continuation of the bank’s partnership with the government on Egypt’s reform agenda, which is now shifting the focus to address the COVID-19 woes, in addition to the recovery phase which will depend on an efficient/sustainable energy sector, according to the statement.

It is noteworthy to mention that the Abidjan-based bank is also working with the Agence française de Développement (AFD) and the Japan International Cooperation Agency (JICA), along with national authorities, on the program.