EFSD to Support Egypt in Achieving Its 2030 Agenda

Egypt's Ministry of International Cooperation organized an introductory workshop in collaboration with the European Union mission in Egypt, to support the state's development efforts in achieving its national 2030 agenda through the “European Fund for Sustainable Development (EFSD)”.

With the participation of over 100 representatives from ministries, government entities, and the private sector, the workshop is designed to enhance potential joint cooperation areas and blended and innovative financing opportunities for mega projects in line with the ambitious national 2030 agenda.

This workshop was also attended by representatives from the ministries of electricity and renewable energy, agriculture and land reclamation, housing and utilities, transport, environment, trade and industry, supply and internal trade, health, irrigation, finance, communications and information technology, civil aviation, public business sector, education, petroleum and mineral resources, foreign affairs, high education, and scientific research, local development, Micro, Small and Medium Enterprises Development Agency (MSMEDA), Urban Development Fund, Suez Canal Economic Zone (SCZONE), General Authority for Investment and Free Zones (GAFI), Industrial Development Authority, and the Confederation of Egyptian-European Business Associations.

Also this week, Al-Mashat virtually witnessed the signing of a development financing agreement between the IFC and a privet Egyptian electric firm worth $150 million to help strengthen and expand company operations, sustainable manufacturing and increase access to renewable energy across several countries in Africa.

The secured amount, in addition to financing from the First Abu Dhabi Bank (FAB) and the Europe Arab Bank, will support the energy firm in financing new solar power plants in Africa to improve energy efficiency in existing industrial complexes, and to build and purchase power plants, according to the ministry.