Minister: 60% Of Our Agreements To Settle Energy Crisis

Minister of International Cooperation Naglaa el-Ahwani said that 60% of the ministry’s agreements with the development partners include grants and funding for power plants to settle the energy crisis.

The Minister pointed out that the World Bank is funding several projects of power generation at nearly USD 1.5 billion to be implemented before end of next year.

This came during the Minister’s signature of two agreements with the World Bank to fund Egyptian projects.

The first agreement stipulates that WB’s MENA transition fund would provide USD 4 million to the Egyptian Financial Supervisory Authority to launch micro-finance projects.

The second agreement envisages that the WB would provide $8 million to the Egyptian Environmental Affairs Agency to finance a project of management of persistent organic pollutants.

Source: SIS