Egypt, World Bank discuss financing support for renewable energy projects

Egypt’s Minister of Electricity and Renewable Energy, Mahmoud Esmat, discussed on Sunday with a World Bank delegation ways to enhance cooperation in financing electricity infrastructure, improving grid performance, and supporting renewable energy projects.

The talks focused on establishing a financial guarantee fund for electricity and renewable energy infrastructure projects to encourage private sector investment by reducing financing risks and improving access to funding.

The meeting also covered digital transformation, smart grid development, electricity interconnection projects, and efforts to position Egypt as a regional energy hub.

The discussions align with Egypt’s National Energy Strategy, which targets raising the share of renewable energy in the energy mix to 45 per cent over the next two years.

Esmat said the World Bank has played a key role in financing electricity sector projects and supporting the development of the national grid, adding that the government is working to attract more private sector investments in renewable energy.

Planning and Economic Development Minister Ahmed Rostom said the financing and guarantee mechanism being developed with the World Bank would provide innovative solutions for infrastructure projects, including local currency financing and stronger public-private partnerships.

Attribution: Amwal Al Ghad English