The program aims to strengthen the power sector’s financial sustainability, governance and operations. It will also push for the provision of clean, reliable energy to drive green 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. 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 that the bank continues to actively engage with the Egyptian government and private sector companies to support the country’s development and economic reforms.
The bank primarily targets economic infrastructure, including energy, transport, water and sanitation, and 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.