EU and EIB provide €690m to modernise Egypt electricity grid

The European Investment Bank (EIB) and the European Commission announced a financing package to upgrade and expand Egypt’s electricity network.

• €600 million EIB Global loan + up to €90 million EU grants (total up to €690 million) to support a national programme led by Egyptian Electricity Transmission Company (EETC); the EIB-supported phase will be carried out between 2027 and 2030. The government will be borrower through the Central Bank of Egypt, while EETC will lead implementation.
• The programme aims to integrate 22 GW of renewable-energy capacity by 2030 (stated as enough to supply around 10 million households), including construction of state-of-the-art substations and installation of advanced transmission lines to connect solar and wind power from the Red Sea and Gulf of Suez regions. The EU financing package represents 44% of the total cost with the remainder from EETC’s own funds.