Europe investing in electricity infrastructures in Egypt
17 August 2010
A number of European development partners have jus signed a financing agreement with Egypt relating to a project for the extension of the Egyptian electricity network.
According to a press release issued on Friday by the Egyptian Minister of International Co-operation, the amount of the investments comes to more than 487 million Dollars.
The funds derive from the European Investment Bank, the German Urban Development Bank, the French Development Agency, and the European Commission.
The project is aimed at reinforcing the national electricity network. It includes the extension of energy infrastructures principally by way of renewable sources of energy.
This European financing follows a contribution of more than 192 million Dollars from the World Bank for the same project.
The World Bank has also granted 3.2 billion Dollars in loans and subsidies to Egypt for projects in the sectors of electricity, food agriculture, health, the environment, irrigation, infrastructures, and transport.