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AfrElec RENEWABLES AfrElec

Japan to provide $240mn to

boost Egypt’s green reputation

EGYPT JAPAN is to provide $240mn of development sectors, including electricity, education, higher
finance to Egypt in a bid to boost green growth education, scientific research, tourism and
and sustainable development while also com- antiquities.
bating climate change and helping fund the Al-Mashat emphasised Egypt’s appreciation
post-coronavirus (COVID-19) recovery. of the development finances that the Japanese
Egypt’s Ministries of International Coop- government has extended to Egypt to back the
eration and Finance on February 15 signed an country’s efforts in fighting coronavirus.
agreement with the Japan International Coop- During the first wave of the pandemic, Japan
eration Agency (JICA). provided Egypt with a grant worth $9.3mn to be
The accord targets development financing used in medical sets and supplies in the health
policies in energy and budget support in Egypt, ministry’s hospitals, bringing the total amount
aiming to enhance green growth and sustaina- of the Japanese current portfolio of grants to
ble development as well as alleviating the reper- $54.5mn, according to Al-Mashat.
cussions of climate change and countering the Meanwhile, Maait said that the agreement is
impact of COVID-19. compatible with Egypt’s efforts to provide urgent
The agreement was signed by Minister of development finances to contribute to mitigat-
International Cooperation Rania Al-Mashat, ing the pandemic’s socio-economic impact and
Minister of Finance Mohamed Maait and Chief to back the most hit sectors.
Representative of JICA Egypt Office Omura The Japanese Ambassador to Egypt, Masaki
Yoshifumi, in the presence of a number of Egyp- Noke, asserted the importance of the new
tian and Japanese officials. finance in supporting Egypt’s efforts towards
Al-Mashat said the agreement comes in the green economy transformation and enhancing
aftermath of one-year negotiations despite the clean energy transformation policies.
coronavirus crisis and the repercussions of the The Ministry of International Cooperation
global lockdown. secured $9.8bn as development finance in 2020,
She added that Japan’s current co-operation including $3.2bn for supporting small and medi-
portfolio with Egypt amounts to $2.7bn used um-sized enterprises (SMEs) and $6.7bn for
in 14 projects in a number of developmental other development sectors.™

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