To finance the second phase of Egypt’s Electricity and Green Growth Support Program, the Board of Directors of the African Development Bank have approved financing of €83 million.

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.

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.