Cairo – Mubasher: The French Development Agency (AFD) has signed an agreement with the Egyptian Ministry of Investment and International Cooperation to provide a grant of EUR 151 million ($171 million) to Egypt's energy budget support programme.

The agreement is part of the ministry's efforts to get financing packages from multilateral and bilateral development partners to fund the budget support programme and tackle the coronavirus (COVID-19) impact, the Egyptian Minister of International Cooperation Rania El-Mashat announced on Tuesday.

Meanwhile, the AFD will provide a grant for the technical support to reform Egypt's energy sector by building capabilities and encouraging the transition to electric mobility.

El-Mashat added that the agreement will contribute to attaining three sustainable development goals, comprising clean and affordable energy, sustainable consumption and production, and partnerships to achieve sustainability targets.

The minister further remarked that Egypt's cooperation portfolio with the agency recorded around EUR 826.3 million and that France manages grants from the European Union (EU) to Egypt at a total value of  EUR 153 million.