Egypt has reached an agreement that will exempt the country from repaying debts totaling €54 million, allowing the funds to be directed towards new green projects.
The debt swap initiative aligns with Egypt’s commitment to increasing its renewable energy capacity and aims to support the government’s target of generating 42 percent of its electricity from renewable sources by 2030.
The agreement will facilitate the development of a transmission network designed to integrate renewable energies into Egypt’s electricity grid and enhance its overall capacity. The Egyptian embassy highlighted key aspects of the project, including the construction of two sub-stations and the connection of two wind farms, namely the Amunet and Red Sea Wind Farm, each with a capacity of 500 megawatts, to the national transmission network.
Collaboration between the Egyptian government and the Egyptian Electricity Transmission Company will be crucial in implementing the project. By leveraging the debt swap to finance green initiatives, Egypt aims to accelerate its transition towards a more sustainable energy sector and contribute to global efforts in combating climate change.
The debt exemption and subsequent investment in green projects signify Egypt’s commitment to advancing renewable energy infrastructure and promoting environmental sustainability.
The initiative is expected to make significant contributions towards the country’s renewable energy goals while positively impacting its overall economic and environmental landscape.
