691 green projects have been approved by Egypt or the fiscal year 2020/21, according to reports in the media.
The projects are expected to cost EGP 447.3 billion.
The ministries of planning and economic development, and environment, have agreed that 30 percent of Egypt’s investment projects in fiscal year 2020/21 plans will be implemented according to environmental sustainability and green economy concepts.
Reportedly, the Egyptian government is also planning to increase this percentage to 100 percent during the next three years.
Last month, Minister of Planning and Economic Development Hala El-Said said that Upper Egypt’s governorates will receive EGP 47 billion in government investments for the fiscal year 2020/21.
During the same period, Egypt signed an agreement with the French Development Agency (AFD) to provide financing and grants totaling 151 million euros to Egypt’s Energy Sector Budget Support Program.
The agreement was signed by Mashat and Ambassador of France in Egypt Stéphane Romatet, and AfD Country Director Fabio Grazi.
Through the agreement, Egypt plans to counter the negative impacts of the novel coronavirus, which has pushed the global economy into recession.
Egypt’s Minister of International Cooperation Rania Al Mashat told the media, “The grant also provides three-year technical assistance to the Ministry of Electricity and Renewable energy, and its affiliated utilities, supporting reforms for a sustainable energy sector through capacity building, and laying assessment methodologies of direct and indirect socio-economic impact and regulations set by the Electricity Regulation Authority (ERA). The project also supports a greener urban and mobility transition to electric transportation.”