in Short

EU to boost Egypt’s development, energy projects with € 100 million

The European Union (EU) is to appropriate an approximate amount of € 110 mln to boost Egyptian projects in the sectors of energy, water, trade and local development within the upcoming period, as a part of the supporting program that the (EU) has adopted to support Egypt’s projects from 2017 till 2020.
The proposed amount of the (EU) fund is with a total of € 500 mln.
This step was announced during a meeting held on Monday, where the head of the EU Delegation in Egypt, Ambassador Ivan Surkoš met with a number of Egyptian ministers and top officials.
Minister of Investment and International Cooperation Sahar Nasr said that the (EU) is one of the most important global development partners, as it offers $ 500 mln under the umbrella of the financing strategy which is under work till 2020 to support Egypt’s projects in water and sanitation, civil society, vocational training, administrative reform, intra-trade, heritage as well as Public finance sectors.
“We set a priority for youth empowerment and human-building projects through the upcoming period in which implementions are made to meet President Abdel Fattah Al Sisi’s directives. In addition, we brace to hold an international conference in the Suez Canal in collaboration with the (EU) as a part of the joint cooperation between the two sides”, Nasr added.
On the other hand, the ministry of electricity and renewable energy announced, during the meeting, that the main reason behind cooperating with the (EU) is to increase reliance on the renewable energy as well as rising its share in Egypt’s energy total productive capacity. In addition, improving production and distribution efficiency beside establishing energy distribution control centers.

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