Egypt and EU partner on €690 million investment to modernize Egypt's electricity grid
via Egypt Today2 min read
Egypt and the European Union are strengthening their renewable energy partnership with a €690 million financing package to upgrade and expand Egypt's national electricity grid. This investment includes a €600 million loan from EIB Global and €90 million in grants from the European Commission. The project, managed by the Egyptian Electricity Transmission Company EETC, aims to integrate 22 gigawatts of renewable energy into the national grid by 2030, sufficient to power approximately 10 million households. This initiative aligns with Egypt's energy priorities, accelerating renewable energy adoption, enhancing grid infrastructure, and solidifying Egypt's role as a regional energy hub. Foreign Minister Badr Abdelatty stated that the agreement reflects the strong partnership and shared commitment to the green transition, while EU Commissioner for the Mediterranean Dubravka Suica highlighted the project's role in strengthening Egypt's position in regional energy markets and creating commercial opportunities. EIB Vice President Gelsomina Vigliotti noted that the project serves as a practical model for the Egypt-EU partnership, supporting sustainable growth and energy resilience. The program involves constructing substations and installing advanced transmission lines to integrate solar and wind energy from the Red Sea and Gulf of Suez regions. These upgrades are expected to reduce transmission losses, improve supply reliability, enhance national energy security, and support cross-bor
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