Egypt, New Development Bank discuss cooperation in electricity, renewable energy

Egypt, New Development Bank discuss cooperation in electricity, renewable energy

Egypt - Mohamed Shaker, the Minister of Electricity and Renewable Energy, met with Vladimir Kazbekov, the Deputy Head of the New Development Bank of the BRICS alliance, and his delegation. The meeting explored ways to enhance cooperation between the Egyptian electricity and renewable energy sector and the bank.

Shaker said that the Egyptian government has implemented several reforms and policies in the electricity sector. He praised the sector’s efforts to improve and develop all services, such as production, transmission, and distribution. He expressed his willingness to collaborate with the bank.

He also outlined the state’s strategy to increase the share of renewable energy in the electricity mix, stressing the sector’s focus on diversifying sources of electricity production and using Egypt’s natural resources, especially new and renewable energy sources. The aim is to increase the share of renewable energy in Egypt’s energy mix to more than 42% by 2030.

Shaker emphasized the importance of relying more on renewable energy sources in electricity production to reduce the use of fossil fuels. This would increase the share of clean energy in the energy portfolio, protect the environment, and optimize natural gas consumption, thus improving economic efficiency.

Shaker highlighted the sector’s measures to tap into the huge potential