The House of Representatives approved the presidential decree no. 118 for 2020 regarding an additional $50 million loan agreement with the European Bank for Reconstruction and Development (EBRD) to improve the Suez Oil Processing Company’s (SOPC) energy efficiency, according to Al Shorouk News.
The decree was signed on November 23, 2019, aiming at enhancing the oil and gas sector and improving energy efficiency in Egypt.
The decision was made after the House of Representatives, chaired by Ali Abdel Aal, reviewed the Energy and Environment Committee’s report on the said decree. The report showcased the agreement’s goals to improve energy efficiency and how the loan would support this narrative through investing in SOPC’s refineries.