FINANCIAL NEWS

Egypt inks 4 deals with AFD at 259mn euros

28 Mar 2017

(MENAFN) Minister of Investment and Intl’ Co-op Sahar Nasr inked 4 deals with the director of ops of the Agence Franciase de Developpment (AFD) at 259mn euros to support the energy sector.

Accordingly, the finances are divided into loans and grants, while the first loan from the AFD is worth 175mn euros for helping the budget of the energy sector.

Meanwhile, the electricity sector would be supported by an extra 3mn euro as a grant that would be offered to the Ministry of Elect and Renewable Energy to finance a tech program.

In addition, the energy loan is part of the global society’s attempts to help Egypt’s budget deficit and it will be financing the sector’s strategy until 2035.

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MENAFN2803201700450000ID1095349186

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