- Egyptian Minister of Electricity and Renewable Energy Mahmoud Esmat held talks with a World Bank delegation to follow up on joint projects.
- Esmat lauded the fruitful cooperation between the electricity sector and the World Bank, highlighting Egypt’s efforts to become a regional energy hub, linking energy markets in Africa, Europe, and Asia.
Egyptian Minister of Electricity and Renewable Energy Mahmoud Esmat held talks with a World Bank delegation to follow up on joint projects and coordinate future partnerships, according to a statement.
The delegation was led by Almud Weitz, the World Bank‘s Regional Practice Director for Infrastructure in the MENA region.
The meeting addressed issues related to consultancy services for renewable energy projects, work strategies, the energy mix, and increasing reliance on renewable energy sources.
Furthermore, they discussed developing a unified grid and increasing its capacity to accommodate renewable energy, while providing the necessary financing for several renewable energy power generation projects.
On his part, Esmat lauded the fruitful cooperation between the electricity sector and the World Bank, highlighting Egypt’s efforts to become a regional energy hub, linking energy markets in Africa, Europe, and Asia.
The minister discussed electricity interconnection projects with neighbouring countries, including Sudan, Libya, and Jordan, as well as the ongoing project to connect to Saudi Arabia.
Additionally, two electricity interconnection projects with Greece and Italy are currently underway, aimed at achieving regional energy integration and stabilising electricity grids.
In the same vein, Esmat highlighted the state’s green hydrogen program and the launch of its National Low-Carbon Hydrogen Strategy, which aims to capture 5 per cent to 8 per cent of the global tradable green hydrogen market by 2040.
Moreover, the National Green Hydrogen Council has been launched to unify efforts, develop policies and plans, and propose legislation to advance the green hydrogen industry as the fuel of the future.
Among green initiatives, the National Energy Strategy aims to raise the share of renewable energy in the energy mix to over 42 per cent by 2030 and over 65 per cent by 2040.
This strategy focuses on the efficient management and use of available natural resources, maximising their returns, relying on renewable energy, reducing fossil fuel use, and limiting carbon emissions.