The Ministers highlighted financing agreements totaling €202 million witnessed yesterday Tuesday by Prime Minister Dr. Moustafa Madbouly during the visit of the EBRD First Vice President.
The financing package includes: €165 million concessional
financing from the EBRD for the Egypt Electricity Grid Enhancement Project, a €35
million grant for the same project from the European Union, administered by the
EBRD, and a €2 million grant for technical cooperation in the electricity
sector.
Minister Al-Mashat noted that these agreements align with
the Ministry's integrated planning and international cooperation efforts to
efficiently provide public investments for infrastructure and prepare the
national grid to absorb new renewable capacity.
Minister Essmat confirmed ongoing cooperation with
international financial institutions in line with the updated National Energy
Strategy. He praised the EBRD as a key partner in solar, wind, and control
center development projects.
He detailed efforts to modernize the national grid and
increase its capacity to absorb renewable energy, noting the strategy aims to
raise renewable energy to approximately 42% of the total energy mix by 2030 and
65% by 2040.
Essmat also discussed ongoing and planned electricity interconnection projects, with neighbors like Sudan, Libya, and Jordan, as well as with Saudi Arabia (set to operate this year), Greece, and Italy, to transform Egypt into a regional energy hub connecting Africa, Asia, and Europe.