European funds boost Egypt's grid modernization
Egypt has launched a project to upgrade and expand its national electricity grid with European support valued at approximately $800 million, as part of the Mediterranean Renewable Energy Cooperation Initiative. The financing includes a loan of $695 million from the European Investment Bank and grants of up to $104 million, with an expected total investment of $1.85 billion. The project was announced during a meeting in Luxembourg aimed at strengthening the electricity network and meeting Egypt's energy needs.
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