Cairo: Minister of Planning, Economic Development and International Cooperation Rania El-Mashat participated in a key conference organized by the European Union titled "The Future of Sustainable Energy in Egypt 2040: Cooperation for Shared Prosperity". The event, which took place on Tuesday, February 10, 2026, saw the signing of pivotal grant agreements between the EU and the European Investment Bank to bolster Egypt's energy sector.
According to State Information Service Egypt, the conference underscored a pound 90 million grant aimed at enhancing investments in Egypt's power grid and renewable energy capacity. Additionally, a pound 35 million grant was allocated to the Norwegian company Scatec for its green ammonia project at Ain Sokhna. The event gathered prominent figures, including Dr Mahmoud Esmat, Minister of Electricity and Renewable Energy; Ms Angelina Eichhorst, the EU Ambassador to Cairo; and Eng Walid Gamal El-Din, Chairman of the Suez Canal Economic Zone Authority, along with ambassadors from Spain and France and European bank representatives.
Dr El-Mashat highlighted the significance of transitioning to sustainable energy systems as a critical driver for Egypt's inclusive development. This transition aligns with the nation's goals for sustainable economic growth, enhanced competitiveness, and climate action objectives. She emphasized the strong partnership between Egypt and the EU, particularly in the face of global challenges that necessitate a balance between economic growth, energy security, and emissions reduction.
The minister elaborated on Egypt's ambitious energy vision extending to 2040, focusing on renewable energy expansion, energy efficiency improvements, and resource diversification. This vision aims to position Egypt as a regional energy hub in the Eastern Mediterranean and support the Sustainable Development Goals.
The Strategic and Comprehensive Partnership launched in March 2024 between Egypt and the EU marked a pivotal moment in bilateral relations. Dr El-Mashat noted that the energy sector is central to this partnership, supported by concessional financing, investment guarantees, and technical assistance.
Highlighting the role of the Ministry of Planning, Economic Development and International Cooperation, Dr El-Mashat pointed to the coordination of international partnerships and alignment of investments with national priorities, especially the energy sector transformation. The ministry collaborates closely with European financial institutions, including the European Investment Bank and the European Bank for Reconstruction and Development.
Dr El-Mashat also discussed the successful "Novi" platform, which integrated the water, food, and energy sectors, mobilizing around $5 billion for renewable energy projects with a capacity of 4.2 GW. This initiative reinforced Egypt's position as a model in climate finance and green development.
Further, she highlighted the European Fund for Sustainable Development Plus (EFSD+) and the T-MED initiative's roles in encouraging European investments in renewable energy and clean technology in Egypt.
Concluding her remarks, Dr El-Mashat reaffirmed Egypt's long-term commitment to energy transformation through partnership, innovation, and sustainable investment, aiming for economic development and resilience against global economic shocks.