Minister of International Cooperation Rania Al-Mashat has announced that the European Union (EU) has provided €117.9 million (around $120.41 million) of development financing to support the budget of the water and energy sectors.

The EU grant is targeted at supporting the ministries of finance, petroleum and mineral resources, housing and utilities, electricity and renewable energy, as well as water resources and irrigation. Al-Mashat said that the financing falls in line with Egypt’s vision to strengthen international partnerships and spur sustainable economic growth through development financing.

“Coordinated responses through international cooperation can tackle the synergies between water and energy, which is why building partnerships can promote nexus solutions that reap the benefits of cooperation in the water and energy sector,” the Ministry of International Cooperation (MOIC) stated.

Egypt and the EU have a strong partnership, with the current cooperation portfolio amounting to around €1.35 billion, or what is equivalent to about $1.38 billion.