Egypt’s Cabinet approves €37 mln financing package for NWFE power grid project

Egypt’s Cabinet approved on Thursday a draft presidential decree ratifying financing agreements worth €37 million for the NWFE Electricity Grid Reinforcement Project, part of the country’s green development programme.

The financing package comprises a €35 million investment grant from the European Union and a €2 million technical cooperation grant from the European Bank for Reconstruction and Development (EBRD), according to a Cabinet statement.

The project forms part of the energy pillar of Egypt’s Nexus of Water, Food, and Energy (NWFE) programme, which aims to accelerate the country’s transition to a low-carbon economy by mobilising climate finance for priority infrastructure projects.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser