The Board of Directors of the African Development Bank (AfDB) has approved a EUR 83 million (USD 99.07 Mn) loan to fund the second phase of Egypt’s Electricity and Green Growth Support Program. The investment is part of the Bank’s budget support for Egypt’s government to improve its power infrastructure, which is supposed to boost the private sector and speed up its recovery from the Arab Spring.
The program aims to improve the financial sustainability, governance, and operations of the electricity sector. It will also help to increase the supply of clean, dependable energy, which will help to foster green growth. Private investment in utility-scale renewable energy projects has increased as a result of Egypt’s successful reforms in the sector.