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Wednesday, 9 October 2019

AFD earmarks EUR 1 bn for Egypt development projects over coming 4 years

The French Development Agency (AFD) has allocated EUR 1 bn to fund projects in Egypt over the coming four years, regional director Mathieu Vasseur said yesterday, according to the local press. Egypt has already received EUR 200 mn of the amount this year, Vasseur said, pointing out that the agency has recently begun focusing on projects in labor-intensive sectors, such as healthcare, education and energy. The organization is also looking to make available funding to support the private sector through its investment arm Proparco, eyeing in particular the banking, energy and higher education sectors. The AFD is also in talks with the Egyptian government to provide funding to convert the Alexandria tram into a monorail, Vasseur said without elaborating further.

AFD green-lights EUR 71 mn energy sector grants: Vasseur made the statements as the AFD signed agreements to provide two grants worth EUR 71 mn to upgrade Egypt’s energy infrastructure and improve technical support. The Investment Ministry said that a EUR 68 mn grant will go towards funding the government’s efforts to connect houses in poor areas to the national gas grid, while a second EUR 3 mn grant will assist the Electricity Ministry “promote sector governance,” a cabinet statement said, without providing further information. The AFD has provided Egypt with EUR 2.2 bn worth of loans and grants since it began supporting the country in 2007.

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