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The leading financial agency African Development Bank has approved approximately $254 million loan to finance Egypt’s Electricity and Green Growth Support Program (EGGSP).

  • The funding, provided in a challenging global context, will help meet the Government of Egypt’s financing requirements in the light of the COVID-19 pandemic, and support a sound electricity infrastructure base, a key enabler for the private sector and for the country’s competitiveness.
  • The EGGSP reform program seeks to promote a sustainable, competitive and diversified electricity sector that ensures secure supply and supports climate change mitigation and green growth.

    The prominent projects and supports by AfDB in last six months featured below:

    June 2020: African Development Bank has announced around $1.2 million grant to Ethiopia to finance a feasibility study into a standard-gauge railway (SGR) link between Ethiopia and neighbouring Sudan.

    June 2020: African Development Bank approved, in Abidjan, a loan of approximately $200 million to Tunisia to finance the program to support the response to Covid-19 by the social inclusion and employment (PARISE).

    June 2020: African Development Bank (AfDB) has approved a loan of approximately $95 million to Senegal, hit hard by the novel coronavirus pandemic, in support of the costs of its national COVID-19 Economic and Social Resilience Program.

    May 2020: African Development Bank has approved $203 million loan to support the Government of Kenya’s efforts to respond to the COVID-19 pandemic and mitigate the related economic, health and social impacts.

    May 2020: African Development Bank has announced that the Trust Fund Committee of the Clean Technology Fund (CTF), one of two funds within the Climate Investment Funds (CIF), to extend a $10 million concessional senior loan to Ethiopia. The load will help to develop a 50 MW Tulu Moyo Geothermal Power Plant project in Ethiopia.

    April 2020: Sustainable Energy Fund for Africa (SEFA), which is managed by African Development Bank, has approved around $760,000 grant to Empower New Energy AS (EmNEW) , to develop small renewable energy projects across Sub Saharan Africa. As per agreement EmNEW has to develop at least eight small renewable energy projects with capacity ranging from1-10 MW.

    April 2020: African Development Bank Group had announced the creation of the COVID-19 Response Facility to assist regional member countries in fighting the coronavirus pandemic.

    March 2020: African Development Bank (AfDB) managed Africa Fertilizer Financing Mechanism (AFFM) had announced the investment of around $2.2 million to provide fertilizer suppliers in Nigeria with financial support to improve supply for 200,000 smallholder farmers.

    March 2020, AfDB had announced an agreement with Sudan’s largest conglomerates DAL Group, for the provision of up to $75 million to improve food security and household incomes in the country. The agreement is the Bank’s first private sector loan to the East African nation.

    December 2019, AfDB had approved a $60 million loan to Elnefeidi Group Holding Company to help finance its long-term agriculture and food expansion programme.

About African Development Bank (AfDB)
African Development Bank (AfDB) Group is a multilateral development bank, headquartered in Abidjan, Côte d’Ivoire. AfDB was established in 1963 by the Organization of African Unity (OAU) to promote sustainable economic development in the region. The main objective is to spur sustainable economic development and social progress in its regional member countries (RMCs), and finally help in poverty reduction.

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