Egypt signs six deals with EBRD to boost investment, renewable energy

Egypt signed six memoranda of understanding and agreements with the European Bank for Reconstruction and Development (EBRD) on Tuesday, covering investment promotion, energy infrastructure, and sustainable development, the Cabinet said.

Prime Minister Moustafa Madbouly witnessed the signing at the New Capital, alongside Planning Minister Rania Al-Mashat, Electricity Minister Mahmoud Esmat, and EBRD Regional Director for the Southern and Eastern Mediterranean (SEMED) region, Mark Davis.

The government and the EBRD signed the Egypt Electricity Grid Reinforcement Project agreement, to be implemented by the Egyptian Electricity Transmission Company (EETC) under the Energy Pillar of the NWFE Initiative. The project aims to strengthen the national grid to allow for the roll-out of more renewable energy capacity.

The package includes a €165 million financing to upgrade a 500 kV substation in Cairo and build a 200-kilometre high-voltage transmission line from the Gulf of Suez, as well as a €35 million investment grant and a €2 million technical cooperation grant to support the project.

The remaining two agreements are MoUs designed to promote investment in Egypt, expand private-sector participation in sustainable development, and link companies with international development partners through the national Hafiz Platform, which provides access to finance, technical assistance, and consultancy services.

Madbouly said the agreements would accelerate investment flows, enhance infrastructure, and strengthen the private sector’s role in Egypt’s economic development, while supporting the country’s sustainability and renewable energy goals.

Attribution: Amwal Al Ghad English