Cairo: The Egyptian government has signed six memorandums of understanding (MOUs) and agreements with the European Bank for Reconstruction and Development (EBRD) to boost collaboration in investment, energy, and sustainable development. These agreements are part of a broader effort to support Egypt's national development initiatives.

According to State Information Service Egypt, one key agreement focuses on enhancing the electricity grid in collaboration with the Egyptian Electricity Transmission Company and EBRD. This initiative aims to improve the electrical infrastructure and expand the grid's capacity to integrate renewable energy sources.

Among the other signed MOUs, one is centered on promoting investment cooperation. This framework is designed to facilitate investment opportunities and increase awareness of Egypt's investment mechanisms, with the goal of attracting more foreign direct investment (FDI) to drive economic growth.

Another important MOU focuses on improving private sector involvement in sustainable development. It aims to provide easier access to the 'Hafiz' platform, which offers financial and technical support to the private sector through a national roadmap. This platform helps connect private companies with international development partners, providing them with access to development financing, technical assistance, and consulting services.

In addition, the MOU will work to enhance the competitiveness of small and medium-sized enterprises (SMEs) by improving their access to national promotional events, ultimately helping them expand into international markets and support sustainable development goals.

The agreements also include a financing deal for the electricity grid enhancement project, valued at 165 million euros. The project's first phase involves the establishment and upgrade of a 500-kilovolt substation in Cairo, while the second phase includes the construction of a 200-kilometer 500-kilovolt transmission line to carry renewable energy from the Gulf of Suez.

Under the agreement, the EBRD will provide a loan of 165 million euros, along with an investment grant of 35 million euros and a technical cooperation grant of 2 million euros to support the project.