European funds boost Egypt's power grid
The European Union announced funding of €690 million (approximately $800 million) to modernize and expand Egypt's national electricity grid, aimed at enhancing the energy system's efficiency in Egypt. This is part of the Mediterranean Solar and Clean Energy Cooperation Initiative. The support includes a €600 million loan from the European Investment Bank and an additional €90 million grant from the European Commission, with total expected investments reaching up to €1.6 billion.
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