Egypt signed a $200 million loan from the European Bank for Reconstruction and Development (EBRD) to state-owned Suez Oil Processing Company (SOPC) on June 21, Amwal El Ghad reported.

The loan will be allocated to an energy efficiency investment project, which is part of the government’s Green Economy Transition (GET) strategy.

It will also be used to fund refurbishments and installations to improve SOPC’s operational performance and environmental footprint.

The loan was approved by the Egyptian cabinet earlier this week. It was signed by Egypt’s investment minister, Sahar Nasr, and the EBRD director for natural Resources, Eric Rasmussen.