Egypt and the European Union have agreed on a financing package of up to €690 million ($801 million) to modernise the North African country’s electricity network and connect 22 gigawatts of renewable-energy capacity to the grid by 2030.
The package comprises a €600 million loan from EIB Global, the European Investment Bank’s development arm, and grants of up to €90 million from the European Commission.
Led by the state-owned Egyptian Electricity Transmission Company, the programme is expected to integrate enough solar and wind capacity to supply around 10 million households.
The investment highlights Egypt’s strategic position in Europe’s clean-energy plans for North Africa and the Mediterranean.
The country is projected to remain Africa’s second-largest economy in 2026, with nominal gross domestic product estimated at $429.65 billion by the International Monetary Fund, and maintains strong economic and diplomatic ties with Western partners.
