El alamein: Electricity Minister Mahmoud Esmat announced ongoing coordination and cooperation between the Ministries of Electricity and Planning and Economic Development to bolster the electricity sector and facilitate the transition to clean energy.
According to State Information Service Egypt, Esmat emphasized the acceleration of ongoing projects aimed at increasing renewable energy capacity on the national electricity grid. These remarks were made during a meeting with Planning and Economic Development Minister Ahmed Rostom at the ministry's headquarters to discuss joint work areas and coordinate efforts to enhance renewable energy transition, support sector infrastructure, and secure necessary financing and technical support.
The meeting also focused on implementing the national energy strategy, which targets raising renewable energy's share to 45% of total electricity generation by 2028. Discussions included the role of international partners in providing technical and financial support, the sector's financing needs, and infrastructure development in line with the state's push to strengthen public-private partnerships in the energy sector.
Additionally, cooperation with NI Capital and NI Consulting was addressed to support the Ministry of Electricity and Renewable Energy and its affiliated Nuclear Materials Authority in exploring and processing rare and critical minerals. This initiative aims to establish economic entities investing in mineral resources, maximizing value through exploration and processing.
Esmat highlighted the electricity sector's commitment to expanding renewable energy use, reducing carbon emissions, and diversifying energy sources. He underscored the state's strategy to increase the share of renewables in the electricity mix while leveraging Egypt's natural resources to reduce reliance on fossil fuels and enhance economic returns. The private sector is recognized as a key partner in these endeavors, with efforts underway to expand opportunities for private investors.
Planning and Economic Development Minister Rostom described the electricity and renewable energy sector as a national security priority, noting the state's expansion of renewable energy projects over the past decade. He emphasized the ministry's role in mobilizing financial resources to meet the sector's funding needs and implement new projects, with a focus on long-term innovative financing mechanisms.
Rostom also highlighted efforts to strengthen cooperation between the Ministry of Electricity and the National Investment Bank's investment and advisory arms to leverage their capabilities in project implementation.