en.Wedoany.com Reported - Egyptian Prime Minister Mostafa Madbouly attended a financing agreement signing ceremony on June 14, 2026, aimed at funding projects to upgrade and expand the national power grid, strengthening electricity infrastructure and expanding renewable energy capacity.

The agreement was signed by ministers responsible for electricity, finance, and planning. Under the agreement, the Egyptian Electricity Transmission Company will receive EGP 60 billion to enhance its financial and operational capabilities, helping modernize the transmission network to accommodate growing renewable energy generation.

Prime Minister Madbouly emphasized at the event that the government is committed to expanding renewable energy projects and increasing their share in the overall energy mix, efforts that are a key part of the national green economy and sustainable development strategy. He also noted the need for continued investment in transmission and distribution infrastructure to support future renewable energy growth.

Minister of Electricity and Renewable Energy Mahmoud Esmat stated that grid modernization remains an ongoing priority, and strengthening the grid is crucial for integrating new renewable energy projects and meeting rising electricity demand. He added that Egypt is accelerating the development of solar and wind energy projects, aiming to increase the share of renewable energy in the national energy mix to 45% by 2028 while maintaining a reliable power supply.

Minister of Finance Ahmed Kouchouk said the government continues to support the transition to renewable energy through investments in electricity infrastructure, efforts that will help ensure a sustainable energy supply and encourage investment in industrial, production, and export-oriented sectors.

Minister of Planning and Economic Development Ahmed Rostom stated that the financing agreement is an example of coordination between the government's fiscal and investment strategies, and the EGP 60 billion investment will strengthen infrastructure, attract domestic and foreign investment, and support private sector-led economic growth.

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