Egypt moves to secure fuel financing, expand clean energy use

Egypt’s Prime Minister Moustafa Madbouly chaired a meeting on Sunday to review measures to secure petroleum supplies and ensure stable financing for the national electricity grid, according to a Cabinet statement.

Electricity Minister Mahmoud Esmat, Finance Minister Ahmed Kouchouk, and Petroleum and Mineral Resources Minister Karim Badawy attended the meeting.

Minister Kouchouk said the required funding for fuel imports is in place, adding that the ministry is working to expand investments in the energy sector as part of broader efforts to support economic stability. He stressed the coordination with the electricity and petroleum ministries to ensure a sustained energy supply across sectors.

Minister Badawy said securing petroleum products and natural gas remains a top priority, noting ongoing efforts to boost domestic production through accelerated exploration and faster development of new discoveries. He also outlined plans to upgrade pipeline networks and expand refinery capacity under a five-year roadmap aimed at reducing the import bill.

Minister Esmat presented a plan to raise the share of renewable energy to 45 per cent of the national energy mix by 2028, with a longer-term target extending to 2040. He also introduced a preliminary initiative to encourage industrial facilities to install rooftop solar systems for on-site electricity generation, currently under inter-ministerial review.

Madbouly instructed the ministries to strengthen coordination, secure continuous fuel financing, and accelerate renewable energy deployment, as part of efforts to ensure grid stability and support national development priorities.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser