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Planning Minister highlights WB project model
The Egyptian government has affirmed that the infrastructure project financing mechanism in the electricity and renewable energy sector represents a successful model of cooperation with the World Bank. Its aim is to provide funding and improve efforts towards financial sustainability and economic operation. The meeting discussed the challenges facing long-term financing and guarantee costs, with a focus on establishing a financial guarantee fund to encourage private sector investments and enhance project capacity to attract funding. Additionally, praise was given to the World Bank's role in increasing generation capacities and modernizing the national grid. Egypt is also aiming to transform its grid into a smart grid and achieve 45% renewable energy capacity within the next two years as part of its national energy strategy.
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