Cairo - Mubasher: Egypt has signed a $200 million agreement with the European Bank for Reconstruction and Development (EBRD) in favour of Suez Oil Processing Co (SOPC) to bolster energy efficiency.

The agreement was signed by Egyptian investment minister Sahar Nasr and the bank’s director for natural resources Eric Rasmussen, according to a statement by the investment ministry on Tuesday.

The project aims at boosting fuel investments by improving the efficiency of energy, alleviating harmful emissions, upgrading the oil sector’s firms and raising its production to produce high-quality fuel that is compatible with global standards.  

Nasr said that this project supports Egypt to turn into a regional energy hub and it will create new jobs and provide clean energy.

The North African nation seeks to reduce operation costs through this project, which will consequently benefit the country’s economy and oil production.

It is worth noting that EBRD approved to grant an EUR 200 million sovereign loan to finance the development of the national electricity grid.