Egypt and EIB discuss bolstering partnership and collaboration in electricity sector

Cairo – August 7, 2024: Within the framework of bolstering cooperation between Egypt's electricity sector and the European Investment Bank (EIB), Minister of Electricity and Renewable Energy, Mahmoud Esmat met with EIB’s head of the Cairo regional office, Guido Clary on Wednesday.

Discussions during the meeting centered on identifying opportunities for collaboration between the ministry and the EIB, including enhancing electrical connections with neighboring countries, establishing distribution network control centers, supporting the development of a unified grid, and advancing projects in renewable energy.

At a meeting with Clary’s delegation at the ministry's headquarters in Al Alamein City, Esmat praised the fruitful partnership between the electricity ministry and the EIB, which has already bolstered Egypt's electricity sector.

Within the framework of reducing electricity shortages and power cuts, Esmat outlined plans to further develop distribution networks, improve efficiency, and expand service offerings.

Highlighting Egypt's strategy to increase the share of renewable energy in its energy mix, Esmat emphasized the role of private sector involvement and government support in diversifying electricity sources.

Egypt is looking to significantly boost its renewable energy output to 45,000 megawatts from projects currently under construction, according to the electricity minister in a recent cabinet meeting.

The country’s current capacity from wind and solar energy stands at approximately 4.6 gigawatts, while hydroelectric energy capacity currently reaches 2,832 megawatts.

During the Wednesday meeting, the minister underscored Egypt's commitment to leveraging its natural resources and advancing projects like the green energy corridor, which aims to strengthen electrical connectivity with Europe and benefit African nations.

Clary praised Egypt's extensive expertise in the electricity and renewable energy sectors, emphasizing the importance of collaborating with international financial institutions on climate-resilient projects, which contribute to advancing the green economy.

The regional head also expressed the EIB's eagerness to expand cooperation with Egypt, particularly in increasing the contribution of solar and wind energy projects.