French Ambassador here Andrea Parant and International Cooperation Minister Sahar Nasr witnessed the inking ceremony of an agreement between the Agence Française de Développement (AFD) and the Electricity and Renewable Energy Ministry where the AFD will provide Egypt a loan of 50 million euros.

In a statement issued on Wednesday, the French Embassy here said that the AFD backs the efforts exerted by the Egyptian authorities to develop electricity grids and had thus funded this project that aims at upgrading control mechanisms of electricity networks.

This venture includes building a control center in the medium-voltage grids for the Delta region and funding the technical support for the Egyptian Electricity Transmission Company (EETC) to develop control systems in Alexandria, Cairo and the canal's cities.

The project constitutes a priority for the AFD to improve the livelihood of citizens and support sustainable growth for the productive sector, the statement read, adding that the venture will decrease power outages.