CAIRO, (Xinhua) -- The Egyptian Ministry of International Cooperation announced today (Thursday) that the European Union will provide 117.9 million euros in grants to support the budget of the water and energy sectors.

The Minister of International Cooperation, Rania Al-Mashat, said in a statement that the grant comes within the framework of strategic relations and continuous cooperation between Egypt and the European Union, with the aim of supporting the country's development plans and priorities through effective development cooperation, strengthening efforts to transition to a green economy and implementing environmentally friendly projects, especially as Egypt is preparing to host a conference. UN Climate COP27 next November.

Al-Mashat added that the new grant comes within the framework of Egypt's commitment to consolidating international cooperation and development financing mechanisms, enabling it to achieve national visions and goals to reach comprehensive and sustainable economic growth, accelerate the transition towards a green economy, enhance competitiveness, increase growth rates, and stimulate the role of the private sector in development. .

She explained that the water and energy sectors in Egypt are given a high priority by the government because of their importance in maintaining economic growth rates and promoting sustainable development, noting that international partnerships have contributed to financing many vital projects in this field.

She noted that the energy sector has been witnessing a great development for eight years, as Egypt has succeeded through the major national projects that have been implemented from turning into an energy deficit into a surplus that is exported to other countries, and that it is moving forward in expanding renewable energy projects from its various sources, whether wind energy. Or solar energy, and also expanding green hydrogen generation.

The current cooperation portfolio between Egypt and the European Union amounts to about 1.35 billion euros in grants to support several sectors, including transport, water, agriculture, small and medium enterprises, sustainable energy, the environment, social protection, strengthening stability and governance, capacity building and civil society, in addition to Egypt benefiting from many European initiatives and cooperation programs. regional.