Egypt, IFC discuss deeper cooperation on renewable energy financing

Egypt’s Minister of Electricity and Renewable Energy Mahmoud Esmat met on Tuesday with a delegation from the International Finance Corporation (IFC) to explore expanded cooperation in the country’s clean energy transition, the ministry said in a statement.

The meeting, attended by IFC Regional Director Cheick-Oumar Sylla, focused on future collaboration in renewable energy financing, support for upcoming tenders, and advisory services to enhance Egypt’s power infrastructure.

Minister Esmat praised the IFC’s ongoing support and underlined the government’s plans to boost renewable energy’s share in the power mix to over 42 per cent by 2030 and above 60 per cent by 2040. He also stressed the importance of energy storage—particularly standalone storage plants—to ensure grid stability and meet demand during peak hours.

The minister said Egypt is committed to deepening private sector participation in renewable projects, citing the value of advanced technologies, expertise, and financing capacity in meeting national energy goals.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser