The Egyptian Ministry of Electricity and Renewable Energy will co-operate with the European Investment Bank (EIB) to implement a number of power projects in the coming stage.
The projects are meant to upgrade the distribution networks and services, said Electricity Minister Mahmoud Esmat.
The EIB will contribute to bankrolling those ventures, the minister said, believing this reflects confidence in Egypt’s successful electricity sector.
Esmat was speaking during a meeting with head of EIB regional office in Cairo Guido Clary on Wednesday.
He referred to successful joint projects implemented in co-operation with the EIB over the past years.
The minister said that this greatly attributed to increasing the generation capacity and upgrading the unified grid.
The meeting took up means of boosting co-operation between the electricity sector and the EIB, especially in terms of power linkage and new and renewable energy projects.
Esmat said his ministry’s strategy aims to enhance the contribution of renewable energy to the electricity and energy mixes, adding that it depends on the private sector to achieve that while offering all possible facilitations.
Clary, for his part, praised the big expertise of the electricity and renewable energy sector in Egypt. He talked about the co-operation experiment between Egypt and international financing institutions, noting that it helped in the transformation to green economy.
The EIB has a desire to bolster co-operation with the Egyptian electricity sector in all fields, particularly where solar and wind energy is concerned, Clary said.
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