CAIRO – The European Union has provided Egypt with €117.9 million of development financing to support its budget for water and energy sectors, the Ministry of International Cooperation said in a statement.
The move will affect the ministries of housing, water resources and irrigation, finance, petroleum and mineral resources, as well as electricity and renewable energy, the statement added.
Minister of International Cooperation Rania el Mashat said the grant comes in light of strategic relations and continued cooperation between Egypt and the European Union.
It is also made in line with the State’s efforts to promote transition to a green economy and implement environmentally friendly projects, especially as Egypt is gearing up to host the upcoming UN Climate Conference (COP27), the minister added.
Mashat noted that the Egyptian government is working on ambitious plans to enhance a sustainable management of water resources through the expansion of seawater desalination projects and treating wastewater to be reused for irrigating agricultural lands.
Egypt has a strong partnership with the European Union, with the current cooperation portfolio between both sides amounting to nearly €1.35 billion.
It is meant to support several sectors, including transport, water, agriculture, small and medium enterprises, sustainable energy, environment, social protection, governance, capacity building and civil society.
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