- The European Union has approved €117.9 million in funding for water and electricity supply in Egypt.
- The loan agreement was signed on 21 July 2022 between the EU and the Egyptian Ministry of International Cooperation.
The European Union (EU) is increasing its financial assistance to Egypt. The international organisation has recently expanded its funding portfolio in the North African country by 117.9 million euros. The Egyptian Ministry of International Cooperation announced the agreement on July 21, 2022.
The Egyptian government will use the new funds to expedite water and electricity projects in the land of the pharaohs. Regarding electricity, Egypt aspires to be Africa’s primary hub for producing green hydrogen (one of the primary decarbonisation solutions) and its derivatives. The country also intends to meet the targets outlined in the Nationally Determined Contributions (NDCs) framework by expanding solar and wind farms.
This includes constructing seawater desalination plants and wastewater treatment plants in the water sector. Like several other North African countries, Egypt is experiencing drought, as evidenced by a lack of rainfall. The various alternative solutions aim to mitigate the adverse effects of this climatic phenomenon on population activity, particularly agriculture.
The European Union also assists Egypt’s transportation and environmental sectors, among other things. The Egyptian Ministry of International Cooperation reports that its project portfolio is worth €1.35 billion.