Egypt’s Ministry of Electricity and Renewable Energy acquired a loan worth $221 million from the Japanese International Cooperation Agency (JICA) to develop the electricity sector, Al Borsa News reported.

These projects will raise the contribution of renewable energy to 20% of the energy mix by 2022.

The 14-year loan is repayable over 14 years, includes a 6-year grace period, and is priced at an annual interest rate of 0.65%.

The loan will be deployed within three years.

 

 

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