Egypt - Electricity and Green Growth Support Program II (EGGSP II) (AFDB-P-EG-FA0-008)

Countries
  • Egypt
Where the impacts of the investment may be experienced.
Financial Institutions
  • African Development Bank (AFDB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 16, 2021
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Government of Egypt
The holder of the loan, grant, or other investment.
Sectors
  • Energy
  • Law and Government
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 99.90 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ AFDB website

Updated in EWS Jul 20, 2021


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Project Description

According to bank provided information, the purpose of the Electricity and Green Growth Support Program (EGGSP) is to support the reforms in two main critical areas, namely: i) restructuring the electricity sector for enhancing its financial sustainability and improving its governance and competitiveness; and ii) promoting clean energy and energy efficiency for improving the energy mix, addressing climate change mitigation and fostering green growth.

The present intervention concerns the second phase of the Electricity and Green Growth Support Programme (EGGSP II). It will support policy actions to further strengthen the sustainability and competitiveness of the electricity sector. EGGSP will support the government in maintaining the reform momentum to limit the deterioration of macroeconomic balances and create additional fiscal space that enables it to expand social spending, especially on health for combating COVID-19, and deploy further protection measures to alleviate poverty and socioeconomic hardship. Specifically, the program will support enhancing the resilience of the power sector and deepening private sector participation for fulfilling the interconnected goals of the country's energy strategy for ensuring security of energy supply through enhanced sustainability, governance and competition. EGGSP comprises two components that have been selected based on the current priorities for the next steps in the electricity sector reform agenda. EGGSP II retains the same two components of EGGSP I given that they remain relevant to the priorities for the current stage of the electricity sector reform agenda. The two components complement each other whereby the first component aims to improve the financial sustainability and competitiveness of the electricity sector, which is among the prerequisites for attracting more private investment in clean energy and energy efficiency for promoting climate change mitigation, green and sustainable growth as per the objective of the second program component. Its implementation is expected to contribute to Egypt's aspirations for becoming a regional energy hub by improving the security of energy supply and enhancing sector competitiveness.

Investment Description

Contact Information

EL-ASKARI Khaled Mohamed Samir
k.elaskari@afdb.org 

Implementing Agency: Government of Egypt

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.afdb.org/en/disclosure-and-access-to-information/request-for-documents. Under the AfDBÕs Disclosure and Access to Information policy, if you feel the Bank has omitted to publish information or your request for information is unreasonably denied, you can file an appeal at https://www.afdb.org/en/disclosure-and-access-to-information/appeals-process 

ACCOUNTABILITY MECHANISM OF AfDB

The Independent Review Mechanism (IRM), which is administered by the Compliance Review and Mediation Unit (CRMU), is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an African Development Bank (AfDB)-financed project. If you submit a complaint to the IRM, it may assist you by either seeking to address your problems by facilitating a dispute resolution dialogue between you and those implementing the project and/or investigating whether the AfDB complied with its policies to prevent environmental and social harms. You can submit a complaint electronically by emailing crmuinfo@afdb.org, b.kargougou@afdb.org, b.fall@afdb.org, and/or s.toure@afdb.org. You can learn more about the IRM and how to file a complaint at: https://www.afdb.org/en/independent-review-mechanism/