Egypt seeks €1.5B grant for electrical interconnection with Greece
Updated 7/17/2023 12:20:00 PMArab Finance: The Egyptian government is negotiating with the European Union (EU) to secure a €1.5 billion grant for an electrical interconnection project with Greece with a capacity of 3 gigawatts, Asharq Business reported on July 17th, citing unnamed sources familiar with the talks.
The cost of the project is unaffordable for Egypt, so preliminary discussions were held with European officials last April to discuss the matter, and other meetings followed in the same regard, according to one of the sources.
The project is set to transfer clean energy from Egypt to Europe via Greece; and "Athens will use part of the energy for industrial uses, while the bulk will be exported to European countries," according to another source.
In 2021, Egypt and Greece signed a memorandum of understanding (MoU) to build a giant electric cable linking the two countries. It is the first agreement of its kind signed between Europe and Africa in the southeastern Mediterranean.
The cost of the planned connection is estimated at between €3 and €4 billion.
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