The first agreement, valued at €53 million, comprises of concessional development financing as well as a grant for the smart grid development project under the Ministry of Electricity and Renewable Energy
This will advance the state’s vision towards localizing the industry, reducing imports, and increasing the private sector’s participation in development
Samir emphasized the Egyptian government's commitment to strengthening bilateral relations with Germany, highlighting the incentives that Egypt offers to foreign investors such as tax exemptions and reimbursement of land costs
The volume of trade exchange between Egypt and Germany increased by 7% in 2022, to record €5.5 billion compared to €5.1 billion in 2021
Al-Mashat went on to highlight that the target, which pertains to elevating the proportion of renewable energy in the energy amalgamation to 42% by 2030 instead of 2035, has been greenlit.
