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MOICMin signs letter of intent with EU, directs €35M to EBRD

During her speech at the announcement yesterday, Al-Mashat explained that the letter will provide development grants to the EBRD to develop and promote investment in renewable energy and electricity generation

By: Business Today Egypt

Thu, Nov. 17, 2022

Minister of International Cooperation Rania Al-Mashat signed a letter of intent with the European Union to strengthen the energy hub within the National Platform for Green Projects Program “NWFE,” directing €35 million to the European Bank for Reconstruction and Development (EBRD).

During her speech at the announcement yesterday, Al-Mashat explained that the letter will provide development grants to the EBRD to develop and promote investment in renewable energy and electricity generation, and to improve energy efficiency, promoting the transition to a green economy and low-carbon development.

Al-Mashat also witnessed the signing of a memorandum of understanding with the European Union and the European Bank for Reconstruction and Development to promote investment in renewable energy, together with Minister of Electricity and Renewable Energy Mohamed Shakir, and Minister of Petroleum and Mineral Resources Tarek El-Molla.

The Memorandum of Understanding will also play a role in the transformation of renewable energy sources, which limit the use of traditional sources of pollution to help reduce current climate changes.

The Minister of International Cooperation explained that the European Union is a strategic partner of the Egyptian government in many projects related to the energy sector and other areas as well.

Al Mashat explained that the energy hub of the National Green Projects Platform "NWFE" program promotes the conversion of thermal-powered power plants to renewable energy, through the implementation of 10-gigawatt wind power projects to replace existing 5 MW thermal-fueled plants, in the light of the National Sustainable Energy Strategy 2035 through which the State seeks to shift to clean energy.