Egypt’s parliament approves $50M-agreement loan from EBRD

CAIRO – 17 June 2020: The Egyptian Parliament approved Tuesday an additional financing agreement from the European Bank for Reconstruction and Development (EBRD) of the Energy Efficiency Improvement Program for the Suez Petroleum Manufacturing Company with a value of $50 million signed with the Egyptian government.

Minister of International Cooperation Rania Al-Mashat said that the additional financing agreement signed on November 23 comes as a continuation of the agreement signed between Egypt represented by the Ministry of International Cooperation and the EBRD on May 22, 2018 for the energy efficiency project in the Suez Petroleum Manufacturing Company with a value of $200 million.

She pointed out that the financing comes for the completion of the project of improving the performance of the oil and gas sector in Egypt through enhancing energy efficiency and supporting the efficiency of the oil refinery run by the company.

The Minister stated that the agreement supports Egypt's transformation into a regional energy hub and leads to creating new job opportunities and providing clean energy in light of a good work environment and sustainable economic growth, and contributes to achieving 4 goals for sustainable development and they are the seventh goal: clean energy at reasonable prices, and the eighth goal: decent work and growth Economy, the ninth goal: industry, innovation and infrastructure, and the seventeenth goal: partnerships to achieve the goals.

For his part, Head of the Energy and Environment Committee at the parliament Talaat Al-Sewedy, said that the committee approved the agreement for its role in developing production at the Suez Petroleum Manufacturing Company and implementing agreed projects with high efficiency, especially with the company's keenness to observe the environmental dimension and reduce pollution and support the local market with petroleum products Which contribute to providing the basic needs of the Egyptian market,

The number of European Bank projects for reconstruction and development in Egypt amounts to 115 projects, worth €6.5 billion, and the private sector's share of these projects represents about 56 percent.