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Egypt signs $240 m deal with Japan to promote shift towards clean energy
The Egyptian Ministry of International Cooperation and Ministry of Finance signed a $ 240 million Development Financing Agreement with Japan to promote transformation towards clean energy.
Minister of International Cooperation Rania Al Mashat said “The agreement supports the country’s efforts to shift towards a green economy with clean energy and combat climate change.”
This comes within the framework of the efforts being exerted by the Ministry of International Cooperation to secure funds from multilateral and bilateral development partners to support the government’s action plan to combat COVID-19, to implement the National Development Agenda 2030 that is in line with the 17 United Nations Sustainable Development Goals (SDGs), to finance the budget support program, and to develop reform policies for the electricity sector while promoting green growth and sustainable development, and mitigating the impact of climate change in Egypt.
Al Mashat highlighted that this development financing is a positive step towards having a stronger energy sector, noting that the agreement reflects the strategic cooperation frameworks between Egypt and Japan which include many sectors with the aim of achieving sustainable development.
Al-Mashat stated that the agreement comes as an extension of two previous agreements designed to serve the same purpose of developing the energy sector and stimulating green growth.
The previously signed agreements were with the Agence Française de Développement (AFD) and the African Development Bank (AfDB) within the framework of financing the energy sector policy support program.
She stressed the ministry’s commitment to continue promoting international partnerships to achieve sustainable development through the three principles of Economic Diplomacy: Multi-Stakeholder Platforms, ODA SDG Mapping Framework, and the Global Partnerships Narrative.
Egyptian Finance Minister Mohamed Maait confirmed that the financing agreement for the state budget support program secured through the Japan International Cooperation Agency in Cairo (JICA) with a value of $240 million is consistent with the efforts made to secure urgent development funds to mitigate the economic and social impacts of the COVID-19 pandemic, to contribute effectively to supporting sectors helping the most vulnerable groups.
He said that this agreement contributes to keeping the wheel of production going on, boosting economic activity, and strengthening the structure of the national economy.
Maait added that Egypt is keen on continued cooperation with JICA as a development partner to support the government’s efforts in achieving comprehensive and sustainable development by benefiting from Japanese expertise in fields such as health, electricity, energy efficiency, clean energy, improving standard of living, and upgrading the tax system, especially in the field of international axes.
Meanwhile, Japanese Ambassador in Cairo, Masaki Noke expressed his enthusiasm regarding the signing of the development financing agreement with Egypt as it reflects the close cooperation between the two countries, supports the state’s efforts in shifting towards a green economy, and reinforces the policies of clean energy transformation.
Noke pointed out that Egypt and Japan’s development cooperation portfolio covers many sectors such as transportation and education.
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