Arab Finance: Prime Minister Mostafa Madbouly witnessed the signing of a protocol agreement between three ministries to finance projects aimed at strengthening and developing the national electricity grid, with EGP 60 billion, to accommodate renewable energy capacity, according to a statement.
Signed by Minister of Electricity and Renewable Energy Mahmoud Esmat, Minister of Planning and Economic Development Ahmed Rostom, and Minister of Finance Ahmed Kouchouk, the funding will be utilized to support the Egyptian Electricity Transmission Company (EETC) and expand its financial and operational capabilities.
Madbouly noted that the agreement backs the government’s efforts to scale renewable energy projects and maximize their contribution to the energy mix to 45% by 2028. This aligns with the state’s objective to expedite the green energy transition and drive sustainable development.
For his part, Esmat outlined the ministry’s initiatives to modernize the national grid and boost its capacity to integrate new renewable energy projects in order to meet the increasing demands across the country.
Meanwhile, Kouchouk stressed the importance of supporting renewable energy transition efforts to ensure a stable and sustainable power supply for both citizens and investors to accelerate the growth of productive, industrial, and export-oriented sectors.
The EGP 60 billion funding will reinforce the state’s infrastructure, improve the business climate, and support private-sector participation to drive economic growth, Rostom noted.
Earlier on June 14th, President Abdel Fattah El-Sisi reviewed the latest developments of the second phase of energy projects to strengthen the national electricity grid.
During his meeting with El-Sisi, Esmat indicated that about 105 projects are included in the second phase and outlined the progress of connecting renewable energy projects to the electricity grid by 2027, including solar and wind power.
