The signed agreements included the electricity grid enhancement project agreement between the Egyptian Electricity Transmission Company and the EBRD.
The Egyptian government signed 6 memorandums of understanding (MOUs) and agreements with the European Bank for Reconstruction and Development (EBRD) as part of efforts to enhance development cooperation and support national efforts in investment, energy, and sustainable development.
The signed agreements included the electricity grid enhancement project agreement between the Egyptian Electricity Transmission Company and the EBRD.
This is part of a comprehensive collaboration to develop the electrical infrastructure and increase the grid’s capacity to integrate renewable energy sources.
Among the MOUs signed today, one focuses on promoting investment cooperation, aiming to establish a practical framework for collaboration in promoting investment opportunities and raising awareness about investment mechanisms in Egypt.
This aims to increase foreign direct investment flows and drive the national economy.
Another MOU aims to enhance private sector participation in sustainable development and expand access for the private sector to the “Hafiz” platform for financial and technical support through a national roadmap.
This MOU aims to support the efforts of the Ministry of Planning, Economic Development, and International Cooperation in strengthening private sector participation in development processes by connecting private companies with international development partners through the “Hafiz” platform, which serves as an integrated national gateway enabling companies to access development financing, technical assistance, and consulting services.
The MOU also seeks to improve small and medium-sized enterprises’ (SMEs) access to national promotional events to enhance their competitiveness and enable them to reach international markets, which in turn fosters institutional partnerships and supports the achievement of sustainable development goals.
The agreements also included the signing of a financing agreement for the electricity grid enhancement project worth 165 million euros.
The project aims to establish and upgrade a 500-kilovolt substation in Cairo as part of the first phase and build a 200-kilometer 500-kilovolt transmission line to transport renewable energy from the Gulf of Suez area as part of the second phase.
Under the agreement, the bank is providing a loan of 165 million euros, alongside an investment grant agreement of 35 million euros and a technical cooperation grant agreement of 2 million euros for the electricity grid enhancement project.
