Egyptian Electricity Ministry signed a loan agreement with French Development Agency (AFD) estimated at €50 million on Wednesday.
The loan is set to be dedicated for establishing New Delta Regional Control Centre Project .
The agreement was signed in the attendance of Egypt’s International Cooperation Minister Sahar Nasr, French Ambassador to Cairo, André Parant, and Marie-Helene Loison, AFD Director for the MENA Region.
In a press release, the French embassy stated that AFD supports the approach of Egypt’s government to upgrade national electricity system through financing Delta Regional Control Centre project that aims at improving the control system of Egypt’s national electricity grid.
The embassy asserted that New Delta Regional Control Centre project is AFD’s priority in Egypt since it would improve citizens’ living standards and enhance sustainable development of production sector.
Minister Nasr clarified that the €50 million-fund comes among a bunch of soft finances estimated at €150 million which is dedicated for state’s budget for energy sector in addition to Alexandria tramway revamping project.