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Wednesday, 17 February 2021

Japan targets green projects in USD 240 mn development loan

Green projects in Egypt will get a portion of a USD 240 mn loan from the Japan International Cooperation Agency (JICA), with the remainder of the loan earmarked for supporting the state budget and softening the impact of the covid-19 pandemic on the economy, cabinet said in a statement yesterday. The agreement, signed by the international cooperation and finance ministers yesterday, comes following a year of negotiations with the Japanese over the terms, and takes JICA’s total commitment to Egypt to USD 2.7 bn.

Which projects is this going to fund? The statement is sketchy on the details, only saying that it will help the government’s efforts to “shift towards a green economy, clean energy and fight climate change.” The money will also help the government undertake structural reform of the electricity sector, streamline the energy sector and support public finances, it says.

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