The Egyptian parliament approved a loan agreement of around $131.79 million from the Arab Fund for Economic and Social Development (AFESD) in order to develop the country’s national electricity transmission grid, Al Borsa News reported.

The parliament discussed the report submitted by the joint committee between the parliamentary energy and environment committee and the economic, planning and budget committees’ offices. The parliament reviewed the report in order to approve the loan agreement signed by the Egyptian government and the AFESD in August 2018 to contribute in funding the second phase of the electricity transmission grid development project.