عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Egypt Signs MoU to Study Exporting 2GW Renewable Energy to Europe

An Egyptian family on a motorcycle in Cairo (epa)
An Egyptian family on a motorcycle in Cairo (epa)
TT
TT

Egypt Signs MoU to Study Exporting 2GW Renewable Energy to Europe

An Egyptian family on a motorcycle in Cairo (epa)
An Egyptian family on a motorcycle in Cairo (epa)

The Egyptian government announced on Thursday that the Egyptian Electricity Transmission Company (EETC) signed a memorandum of understanding (MoU) with Belgian company Jan De Nul Group to study the feasibility of exporting renewable energy to Europe.
The MOU aims to conduct a joint study for implementing a 2 gigawatts (GW) subsea interconnection project to export renewable energy from Egypt to Europe via the Mediterranean Sea.
Minister of Electricity and Renewable Energy Mohamed Shaker declared that the agreement comes within the framework of strengthening the partnership in energy between Egypt and the European continent.
Shaker asserted that Egypt seeks to become a regional hub for energy trade.
The Egyptian move coincides with the European Union’s attempt to accelerate efforts to deepen its relationship with Egypt and help the country address the growing repercussions of the Israeli war on Gaza.
Bloomberg reported that European Commission President Ursula von der Leyen is planning to visit Cairo soon to support Egypt’s economic development and cushion the impact of the ongoing crisis.
The EU was already exploring a partnership but now wants to accelerate the push given Cairo’s strategic significance and concerns about increasing refugee flows, including from African nations like Sudan.
Von der Leyen will visit Egypt on Saturday and meet Egyptian President Abdel Fattah al-Sisi, her spokesman announced on Wednesday.
Sources said the plan will include half a dozen priorities ranging from economy and investments to migration and security.
On the economic front, the European bloc wants to explore options with member states to help Egypt address its heavy debt burden.
In addition, the EU will propose an investment plan aimed at mobilizing $9.8 billion in digital, energy, agriculture, and transportation with an investment forum planned for next spring.
The plan also seeks to reduce illegal immigration to Europe by helping Egypt manage its borders, anti-smuggling measures, and voluntary returns.

Most Viewed

 
 
Business

3,000 Saudi SMEs Benefit from Loans Exceeding $2.1 billion

Cafes are among the small establishments witnessing growth in the Saudi market (SPA)
Cafes are among the small establishments witnessing growth in the Saudi market (SPA)
TT
TT

3,000 Saudi SMEs Benefit from Loans Exceeding $2.1 billion

Cafes are among the small establishments witnessing growth in the Saudi market (SPA)
Cafes are among the small establishments witnessing growth in the Saudi market (SPA)

Around 3,000 Saudi SMEs benefited from The Small and Medium Enterprises Loan Guarantee Program (Kafalah) during the first half of 2024.

The program reported issuing 3,543 financing guarantees worth over SAR 8 billion, compared to SAR 7.2 billion last year, marking an 11.66% increase. The value of the guarantees provided exceeded SAR 6 billion, compared to SAR 5.7 billion in 2023, reflecting a 4.63% increase, according to a statement by Kafalah.

CEO and Board Member Homam Hashem stated that SMEs are the main economic driver and crucial for achieving economic development and income diversification, as emphasized by Vision 2030.

He highlighted the importance of government and private sector efforts to support SMEs and address their challenges, pointing to the program’s success as a public-private partnership model.

Kafalah program, in coordination with the SME Bank, aims to achieve Vision 2030 goals in all initiatives and products, helping SMEs obtain financing to grow and expand across the Kingdom, and encouraging financial institutions to engage with the SME sector.

Since its launch in fiscal year 2006, and until the end of the second quarter of 2024, the program has approved more than 63,000 guarantees benefitting 22,000 SMEs, with a total value of financing exceeding SAR 99 billion ($26.4 billion). The total value of issued guarantees amounted to SAR 70.5 billion.