(MENAFN- Daily News Egypt) Mahmoud Esmat, Minister of Electricity and renewable Energy, met with Guido Clary, the Regional President of the European investment bank (EIB), and his accompanying delegation.
The discussion focused on ways to support and enhance cooperation between the electricity sector and the bank, particularly in the areas of electrical interconnection and renewable energy projects.
The meeting was attended by Sabah Mashaly, Deputy Minister, and Amgad Saeed, the ministry's legal advisor.
The meeting reviewed opportunities and areas for joint cooperation between the Ministry of Electricity and Renewable Energy and the bank in various sectors. These include electrical interconnection with neighboring countries, control centers on the distribution network, supporting and developing the unified network, power generation projects, the wind farm at Gabal El-Zeit, upgrading several transformer stations, and numerous other projects aimed at modernizing and developing networks to reduce power losses.
Egypt's Electricity Minister, EIB discuss enhancing cooperation in renewable energyEsmat highlighted that the bank's participation in financing the sector's projects reflects confidence in the electricity sector's successful project management. This success has been evident through numerous successful joint projects in recent years, which have significantly increased generation capacities and modernized the unified network. He pointed out several upcoming projects, particularly in the distribution network sector, aimed at development, loss reduction, and service improvement.
He affirmed that the state's strategy to increase the share of renewable energy in the electricity mix relies on the private sector to achieve this goal. The state provides all possible facilities, with the electricity and renewable energy sector focusing on diversifying energy production sources, leveraging Egypt's natural resources, and increasing the share of renewable energy in the mix. Additionally, the completion of the Green Energy Corridor project benefits all African countries, positioning Egypt as a central hub for electrical interconnection with Europe.
Clary praised the extensive expertise of Egypt's electricity and renewable energy sector in all fields. He emphasized the importance of the Egyptian experience in collaborating with international financial institutions through developmental projects that address climate change impacts and promote the transition towards a green economy. This represents a significant step towards enhancing cooperation and exchanging expertise.
He confirmed the bank's desire to increase cooperation with the electricity sector in various fields, particularly in increasing the contribution of renewable energy sources such as solar and wind.
This meeting reflects the ministry's commitment to enhancing cooperation with various institutions and organizations, utilizing advanced expertise in renewable energy to promote its use, reduce carbon emissions, and increase private sector participation.
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