H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, Discusses Enhancing Renewable Energy Partnerships with the European Union

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, held a virtual meeting with Mr. Gert Jan Koopman, Director-General for Neighbourhood and Enlargement Negotiations at the European Commission. The meeting was also attended by H.E. Dr. Mahmoud Essmat, Minister of Electricity and Renewable Energy, to discuss expanding the Egypt-EU partnership in renewable energy. This comes in light of the continuous strengthening of bilateral relations and the upgrade of ties to a strategic partnership as of March 2024.

 

The meeting reviewed the ongoing actions and structural reforms within the framework of the Macro-Financial Assistance (MFA). Under this initiative, the first tranche of €1 billion was signed during the Egyptian-European Investment Conference last June. The event was attended by H.E. President Abdel Fattah El-Sisi and Mrs. Ursula von der Leyen, President of the European Commission. The discussions also touched upon advancing the mechanism to a new phase of budget support and enhancing macroeconomic stability.

 

Further discussions focused on cooperation with the European Union as part of the Egyptian government’s efforts to secure its energy needs and expand collaboration in the renewable energy sector.

 

H.E. Dr. Al-Mashat highlighted that the energy sector is a cornerstone of the economic relationship between Egypt and the European Union, particularly regarding renewable energy and green hydrogen production. She emphasized the support provided by the European Union and multilateral institutions, such as the European Bank for Reconstruction and Development (EBRD), in assisting Egypt in developing its National Green Hydrogen Strategy. Furthermore, she noted the strategic partnership in implementing energy projects under the country platform for the “NWFE” program, which includes wind and solar energy projects with a total capacity of 10 gigawatts.

 

H.E. Dr. Al-Mashat underscored the convergence of shared priorities between the Egyptian government and the European Union, particularly in ensuring energy security. With the new phase of the Egypt-EU partnership, specifically through the implementation of the MFA, which promotes the green transition, alongside the investment guarantee mechanism for the private sector, the partnership in the energy sector is set to grow even further.

 

She emphasized Egypt’s commitment to granting a greater role to the private sector in the execution of renewable energy projects and encouraging investment in sustainable infrastructure. The agreed-upon packages and mechanisms with the European Union will further bolster this direction. H.E. Dr. Al-Mashat stressed that renewable energy is now a top priority in Egypt’s national strategies and remains central to the European Union’s agenda. This reflects the six key priorities outlined in the March 2024 declaration, which includes economic stability, skill development, and promoting investment and trade.

 

Additionally, H.E. Dr. Al-Mashat highlighted the robust Egypt-EU partnership, which spans numerous projects across various sectors. This partnership is poised for further development in the coming period. She reiterated Egypt’s ambitious strategy to achieve 42% of electricity generation from renewable sources by 2030.

 

Both sides agreed to continue discussions between their respective technical teams and involve European financial institutions in these efforts, with the aim of expanding the Egypt-EU partnership in the energy sector, a priority for both.