International Cooperation Minister Sahar Nasr and Japan’s ambassador to Egypt Takehiro Kagawa signed a $396m funding agreement for the electricity sector rehabilitation project.
Egyptian Electricity Holding Company chairperson Gaber Desouky, representing Egypt, and Teruyuki Ito, the chief representative of the JICA Egypt office, signed the executive agreement for the project.
Nasr said that the project will enhance the efficiency of the electricity supply for three thermal power plants—North Cairo, Elatf, and Sidi Krier—and reduce greenhouse gas emissions to mitigate the effects of climate change and contribute to the social and economic development efforts for the provision of electrical energy needs.
She pointed out that the project will be implemented in light of Japan’s pledges to cooperate in the field of climate change, noting that the project will include a locally-funded part of roughly $74m.
In general, Nasr said that the Egyptian-Japanese cooperation portfolio saw remarkable development in recent years, with total grants for projects amounting to $5.92bn and funding projects by $7bn.