World Bank aims at increasing partnership with Egypt in electricity, renewable energy

Minister of Electricity and Renewable Energy Mohamed Shaker met with officials of a World Bank (WB) delegation to start a new phase of cooperation and strengthen partnership in projects implemented by bankers in the field of electricity and renewable energy.

Shaker said that the strategic relationship between Egypt and the WB enhances the state’s orientations towards the transition to a green economy and enhances the participation of the private sector in development.

During the meeting, the WB delegation gave a presentation on the topics of the future partnership between the bank and the electricity sector and renewable energy, including the connection with Greece, as well as increasing the linkage capacity with Jordan, in addition to green hydrogen, and the steps related to carbon emissions.

Shaker also indicated that since 2014, Egypt has started implementing clear and strong plans for economic and structural reform in many sectors to meet the challenges that were preventing development, especially in the energy sector, within the framework of the transition towards a green economy.

He explained that the National Sustainable Energy Strategy aims to diversify the energy mix from renewable sources to reach 42% by 2035.

This strategy was a major focus of cooperation between the government and many international institutions that put green transformation at the top of their priorities, including the WB.

The state also implemented structural and legislative reform measures in the energy sector, the most important of which is the issuance of a feed-in tariff and the enactment of laws that allow the private sector to participate effectively in the electricity sector through the implementation of renewable energy projects and the sale of energy produced to transmission and distribution networks at competitive prices.

Furthermore, Shaker affirmed Egypt’s orientation towards producing green hydrogen, expressing his hope that the partnership with the WB and all development partners will continue to advance the state’s efforts in the field of renewable energy and in the field of green hydrogen in particular and in various fields of energy in general.

Additionally, the delegation of the WB stressed the bank’s interest and full readiness to provide all means of support and consultations to support future development plans in Egypt.