African Development Bank to Fund Egypt’s Renewable Sector

African Development Bank to Fund Egypt’s Renewable Sector

Egypt signed Thursday a grant agreement with the African Development Bank Group’s Middle Income Country Technical Assistance Fund (MIC TAF). Upon the agreement, Egypt shall receive three grants with total value of US$4.6 million from the MIC TAF.

Egypt’s Minister of International Cooperation, Naglaa Al-Ahwany has signed the agreement with Leila Mokaddem, AfDB’s Resident Representative in Egypt in the presence of Egyptian officials, and the AfDB’s high-profile delegation, which is currently visiting Egypt.

The first grant, worth US$1 million, will go for financing a project to use the renewable energy in operating irrigation and drainage pumps, undertaken by the Egyptian Ministry of Irrigation. The project aims to devise sustainable economic systems through using renewable energy as part of the country’s national programme to cultivate lands.

In addition, the second grant, worth US$1.8 billion, is designated to finance goals set by the Egyptian Agency for Development Partnerships, notably the launch of information gateway about the investment opportunities and trade exchange between Egypt and African countries.

The agency is an affiliate to the Ministry of Foreign Affairs that aims to boost Egypt’s trade ties with the African continent and the Common Market for Eastern and Southern Africa (COMESA) member countries.

Source: Zawya


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