The European Union (EU) has provided Egypt with a grant of EUR 117.90 million to support the country’s water and energy sectors, the Minister of International Cooperation, Rania El-Mashat, announced.
The investment will be directed to the ministries of housing and utilities, water resources and irrigation, finance, petroleum and mineral resources, as well as electricity and renewable energy.
El-Mashat noted that the financing comes in line with the Arab Republic’s vision to strengthen its international partnerships and enhance sustainable economic growth.
Meanwhile, the current development cooperation portfolio between Egypt and the EU amounts to about EUR 1.35 billion in the kind of grants to finance different sectors, including transport, water, agriculture, small and medium-sized enterprises (SMEs), sustainable energy, environment, and social security.
The African Development Bank (AfDB) recently approved a $271 million loan to bolster Egypt’s food security sector.
