Egypt's Minister of Electricity and Renewable Energy Mahmoud Essmat discussed with a World Bank (WB) delegation on Sunday ways to strengthen cooperation on electricity grid development, renewable energy financing and improving the financial sustainability of the power sector.
The talks were held via video conference and attended by Minister of Planning and Economic Development Ahmed Rostom. The World Bank delegation was led by Niraj Verma, Acting Global Director of the Finance, Competitiveness and Investment (FCI) Global Department.
According to a statement from the Ministry of Electricity and Renewable Energy, the meeting reviewed ongoing joint projects aimed at modernizing Egypt's unified national power grid and expanding its capacity to accommodate a growing share of electricity generated from renewable energy sources.
The two sides also discussed financing mechanisms for several renewable electricity generation projects as Egypt seeks to accelerate its clean energy transition and enhance grid resilience.
The discussions further explored proposals to establish a financial guarantee fund to support infrastructure investments in the electricity and renewable energy sectors, with the aim of attracting additional financing and reducing investment risks.
The meeting forms part of Egypt's broader efforts to expand renewable energy capacity, strengthen its electricity transmission network and mobilize international financing to support sustainable energy infrastructure and meet the country's long-term energy transition goals.
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