The European Union and Egypt have agreed on a financing package worth up to €690 million to modernise Egypt’s electricity transmission network and support its renewable energy goals.
The package combines a €600 million loan from the European Investment Bank’s EIB Global with up to €90 million in grants from the European Commission. It is designed to help Egypt integrate up to 22 gigawatts of renewable energy capacity by 2030, enough to power approximately 10 million households.
The initiative aligns with Egypt’s strategy to increase the share of renewables in its energy mix and become a regional hub for green energy production and exports. It also supports broader EU-Egypt cooperation on sustainable development, energy security and climate action.
Officials said the funding will facilitate the integration of solar and wind projects under development, improve network reliability and attract additional private-sector investment to create jobs and support long-term decarbonisation.