On Thursday, the Egyptian government announced a significant step towards potential energy collaboration with Europe. The Egyptian Electricity Transmission Company (EETC) inked a memorandum of understanding (MoU) with Belgium's Jan De Nul Group. The objective of this MoU is to assess the feasibility of exporting renewable energy from Egypt to Europe, utilizing a subsea interconnection project with a capacity of 2 gigawatts (GW) through the Mediterranean Sea.
Minister of Electricity and Renewable Energy Mohamed Shaker emphasized the importance of this agreement in bolstering energy ties between Egypt and Europe. He articulated Egypt's ambition to position itself as a pivotal hub for energy trade in the region.
This development aligns with the European Union's efforts to deepen its engagement with Egypt, particularly in light of recent regional challenges. Bloomberg reported European Commission President Ursula von der Leyen's upcoming visit to Cairo, aimed at supporting Egypt's economic development amidst the aftermath of the Israeli conflict in Gaza.
Von der Leyen's visit, scheduled for Saturday, includes a meeting with Egyptian President Abdel Fattah al-Sisi. The agenda encompasses various priorities spanning economic cooperation, investments, migration, and security.
Economically, the EU aims to assist Egypt in tackling its substantial debt burden and proposes an investment plan targeting key sectors such as digital technology, energy, agriculture, and transportation. Additionally, efforts will be made to address immigration issues through border management, anti-smuggling measures, and voluntary repatriation initiatives.
