Egypt receives additional USD 866.6 million from AFD

The French Development Agency (AFD) has granted 715.6 million euros ($ 866.6 million) in funding to Egypt, the Egyptian Ministry of International Cooperation announced on Wednesday (December 9th). The aim is to strengthen the transition to a green recovery and to invest in human capital.

The agreements, signed on the sidelines of Egyptian President Abdel Fattah al-Sisi’s visit to France, are part of the 2019-2023 strategic partnership for social and economic development between Egypt and France, worth 1 billion euros ($ 1.2 billion).

“Part of the funds will finance the energy sector support program worth $ 181.5 million, and a grant of $ 1.2 million,” the ministry statement said.

To date, France’s portfolio in Egypt has reached 9 billion dollars signed through 42 cooperation protocols in various sectors, including transport, electricity, civil aviation, housing and sanitation, health , agriculture and irrigation.

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