EBRD: Egypt Has Opportunities to Secure Renewable Energy for Europe

Beata Javorcik, the chief economist at the European Bank for Reconstruction and Development (EBRD), stressed that Egypt is in a very good position to produce renewable energy, expecting that hydrocarbon energy purchases from Egypt will continue and increase in the  future.

In response to a press question about the chances of Egypt's economy overcoming the consequences of the Russian war on Ukraine, as Egypt  survived the consequences of the Coronavirus (known also as COVID-19) pandemic, she said that the war pushed wheat prices to levels not seen in the world since 2008,

She said that "Egypt managed the Corona pandemic crisis" well, in light of the bank's announcement in its 2020 report that Egypt is the only economy in all regions in which the European Bank for Reconstruction and Development operates that succeeded in escaping recession during that year.

On the other hand, Javorcik indicated that the outbreak of the war in  Ukraine  will prompt the purchase of more hydrocarbon energy from Egypt to continue and increase in the future, as the trend is increasing toward persifying energy sources in order to achieve “energy security.”