Egypt signs EGP 60 bln financing deal to upgrade electricity grid

Egypt signed a 60 billion Egyptian-pound financing agreement on Sunday to support projects to upgrade the national electricity grid and expand its capacity to accommodate additional renewable energy generation.

The agreement will provide funding to the Egyptian Electricity Transmission Company (EETC), supporting investments to strengthen grid infrastructure and enhance its operational capabilities, according to a government statement.

Electricity and Renewable Energy Minister Mahmoud Esmat said the financing would support ongoing efforts to modernise the national grid and increase its ability to absorb new renewable energy capacity while meeting growing electricity demand.

He said grid expansion remained essential to integrating planned solar and wind power projects and ensuring a stable electricity supply as Egypt advances its energy transition strategy.

Egypt is targeting a 45 per cent share of renewable energy in its electricity mix by 2028. It has accelerated investment in transmission infrastructure to support the addition of new solar and wind generation projects.

Finance Minister Ahmed Kouchouk said the government remained committed to supporting investments in electricity infrastructure to ensure reliable power supplies and encourage investment across industrial, production, and export-oriented sectors.

The financing agreement forms part of broader efforts to strengthen Egypt’s electricity network as the country expands renewable energy capacity and seeks to meet rising demand from households, businesses, and large-scale development projects.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser