Egypt to invest EGP 99.9b in energy sector in FY 24/25 – minister

Egypt’s Minister of Planning, Economic Development, and International Cooperation Rania Al Mashat announced that the FY 2024/25 investment plan for the Ministry of Electricity and Renewable Energy includes EGP 99.9 billion in public investments for 48 projects.

During her meeting on Tuesday with Electricity Minister Mahmoud Esmat to discuss the sector’s investment strategy for FY 2025/2026, Al Mashat highlighted key objectives, including improving electricity services, boosting international competitiveness, attracting private sector investment, and promoting renewable energy to reduce carbon emissions, as per a Cabinet statement.

Esmat emphasised Egypt’s progress in building a robust energy infrastructure and legal framework to attract private and international investment.

He added that Egypt aims to generate 12,000 MW from renewables and 3,350 MW from battery storage by 2026, increasing to 20,000 MW of renewables, 3,600 MW of nuclear power, and 2,400 MW from pumped storage by 2029.

Esmat also outlined Egypt’s strategy to position itself as a regional energy hub, integrating African, European, and Middle Eastern markets through existing electrical interconnection projects with Sudan, Libya, Jordan, and Saudi Arabia. He highlighted ongoing efforts to strengthen partnerships with the EU and African nations to advance renewable energy projects.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama