On the sidelines of the 11th EU-Egypt Association Council held on Monday 15 June in Luxembourg, the European Commission presented the first flagship operation under the Trans-Mediterranean Renewable Energy and Clean Tech Cooperation (T-MED).
This project, worth a total of €690 million—€600 million loan by the European Investment Bank and up to €90 million in grants from the European Commission—is intended to modernise and expand Egypt’s national electricity grid. The total expected public and private investment for this project amounts to €1.6 billion and will contribute to achieving the objectives of the EU-Egypt Strategic and Comprehensive Partnership. It will enable Egypt to integrate 22 GW of renewable energy by 2030, equivalent to the consumption of 10 million homes.
Ahead of the Association Council, Egyptian Minister Badr Abdelatty stressed “the quality, importance and positive nature of bilateral relations” between Egypt and the European Union “on issues of common interest at political, economic and social levels”. “We appreciate the growing cooperation with the European Union, notably under the European Peace Facility (see EUROPE 13883/33)”, he added. The minister specified that over the past year that “tangible progress in our trade and investment cooperation” had been observed.
For her part, the EU High Representative, Kaja Kallas, said that the meeting would make it possible to examine how to make progress on the strategic priorities, “notably trade, investment, energy, green transition, migration, people-to-people contacts”. (Original version in French by Camille-Cerise Gessant)