Cairo: Prime Minister Mostafa Madbouly attended a signing ceremony for a financing protocol aimed at enhancing Egypt's national electricity grid. The initiative is designed to accommodate the increasing capacity of renewable energy sources.

According to State Information Service Egypt, the agreement involves the Ministers of electricity, finance, and planning, and provides EGP 60 billion in funding to the Egyptian Electricity Transmission Company. This funding aims to improve the company's financial and operational capabilities.

Madbouly emphasized the government's focus on expanding renewable energy projects as part of Egypt's green economy and sustainable development strategy. He underlined the need for continued investment in the national grid and transmission networks to incorporate planned renewable energy additions.

Minister of Electricity and Renewable Energy Mahmoud Esmat highlighted that grid modernization is crucial to support new renewable generation capacity. He mentioned that accelerating solar and wind projects is a priority, with a target for renewables to contribute 45% to the energy mix by 2028. Esmat assured that these efforts will ensure a stable and reliable power supply for both citizens and development projects.

Minister of Finance Ahmed Kouchouk reinforced the government's commitment to facilitating the transition to renewable energy. This includes investments in electricity infrastructure to secure sustainable energy supplies and foster investment in productive, industrial, and export-oriented sectors.

Minister of Planning and Economic Development Ahmed Rostom remarked that the protocol exemplifies the coordination of the state's financial and investment policies. He stated that the EGP 60 billion allocation is a strategic investment in infrastructure, intended to attract both domestic and foreign investments and support growth led by the private sector.