Egypt's Cabinet has approved a draft presidential decree ratifying €37 million in financing agreements to support the modernization of the country's electricity grid under the energy pillar of the NWFE (Nexus of Water, Food and Energy) program.

 

The financing package includes a €35 million investment grant from the European Union and a €2 million technical cooperation grant from the European Bank for Reconstruction and Development (EBRD).

 

The project aims to upgrade Egypt's national electricity transmission and distribution network by improving grid stability and facilitating the integration of additional wind power capacity, supporting the country's long-term target to accelerate renewable energy deployment by 2030.

 

In a separate decision, the Cabinet approved proceeding with measures to increase the authorized capital of the Suez Canal Modern Boats Company from $100 million to $250 million.

 

The government also approved a draft law to merge the Egyptian Agricultural Authority into the Agricultural Research Center (ARC), with the center assuming all of the authority's responsibilities and mandates.

 

According to the Cabinet, the merger is intended to streamline responsibilities, strengthen coordination between the two entities, and improve the efficiency of agricultural research and development. The move is part of the government's broader efforts to enhance the performance of state institutions and improve the quality of public services.