{"id":83058,"date":"2024-03-18T00:00:00","date_gmt":"2024-03-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/03\/18\/the-eu-lends-a-boost-for-egypts-green-transition-and-renewables-exports\/"},"modified":"2024-03-18T00:00:00","modified_gmt":"2024-03-18T00:00:00","slug":"the-eu-lends-a-boost-for-egypts-green-transition-and-renewables-exports","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/03\/18\/the-eu-lends-a-boost-for-egypts-green-transition-and-renewables-exports\/","title":{"rendered":"The EU lends a boost for Egypt\u2019s green transition and renewables exports"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><\/strong><strong>The EU pledges EUR bns to Egypt:<\/strong> The EU is set to provide Egypt with a EUR 7.4 bn package of loans, grants, and investments \u2014 including some in the green energy sector \u2014 through to 2027, after President Abdel Fatteh El Sisi signed a <a target=\"_blank\" href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/statement_24_1513\" style=\"\" rel=\"noopener\">joint strategic partnership and comprehensive agreement<\/a> with European Commission President Ursula von der Leyen at the Ittihadiya Palace yesterday evening (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=nv8e4k9wfIc\" style=\"\" rel=\"noopener\">watch, runtime: 1:03:10<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The breakdown of the funding:<\/strong><\/p>\n<ul>\n<li><strong>EUR 5 bn in concessional loans<\/strong> to provide macro-financial assistance, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/1430.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> by the bloc.<\/li>\n<li><strong>EUR 1.8 bn of \u201cadditional\u201d investments <\/strong>under the <a target=\"_blank\" href=\"https:\/\/neighbourhood-enlargement.ec.europa.eu\/european-neighbourhood-policy\/southern-neighbourhood_en\" style=\"\" rel=\"noopener\">Southern Neighborhood Economic and Investment Plan<\/a>.<\/li>\n<li><strong>EUR 600 mn in grants<\/strong>,including EUR 35 mn for installing additional renewable energy capacities under the government\u2019s Nexus for Food, Water, and Energy initiative.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Does it sound familiar? <\/strong>The EUR 35 mn to develop Egypt\u2019s renewable energy capacities under the government\u2019s Nexus for Food, Water, and Energy initiative (NWFE) listed in the statement accompanying the agreement was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7267be18-acb5-4b9f-874a-e36102c2cad5\/a-lot-of-renewables-%3D-a-lot-of-investment-to-drum-up\" style=\"\" rel=\"noopener\">originally announced<\/a> back in 2022, as was the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2cd427aa-f06b-4054-ad8f-a96bc1c9de6a\/we%25e2%2580%2599re-getting-eur-100-mn-from-the-eu-to-tackle-food-insecurity\" style=\"\" rel=\"noopener\">EUR 100 mn<\/a> from the Food and Resilience and Facility.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>One of the partnership\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/183954ef-4dc7-49c8-9499-743e77de1e74\" style=\"\" rel=\"noopener\">mutual interest pillars<\/a><\/strong><strong> focus on the green transition:<\/strong> As part of the investment and trade pillar, green hydrogen, industrial projects, water security, digitization, and agriculture, and other areas are expected to bring in up to EUR 5 bn of Egypt-bound investment from Europe guaranteed by the European Fund for Sustainable Development and Economic Investment Plan. Towards this end, the bloc will support an EU-Egypt Investment Conference in the second half of the year to encourage private sector inflows into Egypt from Europe.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Renewables cooperation seems to have really caught the interest of the EU: <\/strong>\u201cEgypt has all the resources to become a renewables hub, in particular when it comes to renewable hydrogen,\u201d Leyen said at the presser, adding that the agreement includes stepping up energy flows to help Europe \u201cmove further away from Russian gas\u201d. The bloc signaled its intention to invest in our green hydrogen ambitions and projects like <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6b4cdf86-bd8c-496a-bb9f-a0a96ced5721\/egypt,-greece-explore-ways-to-fund-the%253cmark%253e-gregy-%253c%2Fmark%253einterconnector\" style=\"\" rel=\"noopener\">GREGY<\/a> \u2014 one of Egypt\u2019s planned electricity linkups with Greece \u2014 to enable exports of Egyptian renewable energy into Europe. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Climate-related projects are expected to bring in up to EUR 5 bn of Egypt-bound investment from Europe<\/p>\n","protected":false},"author":1,"featured_media":83059,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[243],"tags":[40,11,173,164,88],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83058","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-green-finance","tag-egypt","tag-enterpriseclimate","tag-eu","tag-green-finance","tag-renewables","wpautop","entry"],"acf":{"mongo_id":"95a6ee7e-4a03-4989-b557-d7e16ef38938","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1511.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The EU lends a boost for Egypt\u2019s green transition and renewables exports","related_issue":[83051],"teaser":"Climate-related projects are expected to bring in up to EUR 5 bn of Egypt-bound investment from Europe","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.45a2e1ae-7271-4ca8-8132-743cd7978d40.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The EU lends a boost for Egypt\u2019s green transition and renewables exports - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2024\/03\/18\/the-eu-lends-a-boost-for-egypts-green-transition-and-renewables-exports\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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