Madbouly, EBRD president discuss opportunities to expand co-op in renewable energy

Cairo- October 26, 2023: Egyptian Prime Minister Mostafa Madbouly met with President of the European Bank for Reconstruction and Development (EBRD), Odile Renaud-Basso, on Thursday to discuss opportunities to expand cooperation on renewable energy and infrastructure projects.

The prime minister highlighted the EBRD’s efforts to support Egypt's developmental efforts, including in the fields of renewable energy and infrastructure, adding that these projects have created millions of job opportunities for Egyptian citizens.

Emphasizing the strong relations between the EBRD and Egypt, Madbouly called on the bank to expand the scope of cooperation on renewable energy projects between the two.

EBRD president Renaud-Basso expressed her appreciation for Egypt’s efforts to stop the escalating situation in the Gaza Strip and supply the area with aid.

She pointed out that the bank and Egypt’s electricity ministry are exploring ways to boost the country’s renewable energy capabilities and to further Egypt’s green hydrogen production.

Renaud-Basso highlighted Egypt’s ambitious plan to increase its desalination capacity, marking it as a vital area of investment for the government, and the bank’s interest in contributing to desalination projects in the Suez Canal Economic Zone (SCZone).

During the meeting, Madbouly stressed the Egyptian government’s efforts to empower the private sector to attract and increase their participation in the economy through the state ownership policy document, and approving a broad package of investment incentives.

In other forum news, the Egyptian Electricity Transmission Company and the Jan De Nul Group signed a MoU on Wednesday to commence studies on a project to export electricity from renewable energy from Egypt to Europe via a Mediterranean Sea line.