Egypt and the European Union launched a financing package worth up to €690 million to modernize the country’s electricity network and help support the growth of renewable energy. The package includes a €600 million loan from the European Investment Bank (EIB) and up to €90 million in grants from the European Commission.

EETC will create a plan for adding 22 gigawatts of renewable energy to its electric grid, providing power for nearly 10 million homes by 2030.

New substations and transmission lines will be built to connect wind and solar projects in the Red Sea and Gulf of Suez.The project will improve the reliability of Egypt’s electricity supply by reducing energy loss during transmission and improving energy security.

The Trans-Mediterranean Renewable Energy and Clean-Tech Cooperation Initiative, T-MED,  programme is inteded to support collaboration between Mediterranean and EU countries through renewable energy and clean technologies. It forms part of the wider Renewable Energy and Sustainable Development Partnership between the EU and Egypt.

Officials from Egypt, the European Union, and the EIB said the project will help expand clean energy, create economic opportunities, and strengthen Egypt’s position as a regional energy hub. The EIB-supported phase is expected to be implemented between 2027 and 2030