Egypt has received new funding from the European Union to modernise and expand its power grid network.
The €90 million ($107 million) grant will support the integration of the countest’s grid with renewable energy, aiding Cairo to achieve its tarobtain of 22 gigawatts of renewable energy production by 2030, the EU declared in a statement.
Additionally, the EU and the European Investment Bank (EIB) will back a green hydrogen project in Ain Sokhna with a €34 million contribution.
Guido Clary, head of the EIB regional hub for North Africa and the Near East, declared the funding will strengthen electricity transmission infrastructure and support projects such as green ammonia production, reinforcing Egypt’s role as a regional clean energy hub.
The European Bank for Reconstruction and Development agreed last year to provide €200 million to support Egypt’s planned transition to a green economy.
Egypt’s Nexus of Water, Food and Energy (NWFE) programme has mobilised almost $5 billion over the past three years to implement renewable energy projects totalling 4.2 GW through private-sector investments, local media reported, quoting planning, economic development and international cooperation minister Rania Al-Mashat.
The NWFE aims to mobilise more than $10 billion to support its energy, water, food and transport sectors by combining public, private and concessional funding.
In March 2024, the EU agreed on a €7.4 billion funding package for Egypt. The deal comprises €5 billion in concessional loans, €1.8 billion in investment and €600 million in grants over three years to support the North African nation’s economy.
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