Minister of Electricity and Renewable Energy Mahmoud Esmat met with a delegation from the International Finance Corporation (IFC)–the World Bank’s private sector arm.

The meeting covered several cooperation files, including proposals related to renewable energy tenders to be offered, the means of support and advisory services for renewable energy projects, the work strategy, Egypt’s energy mix, and increasing reliance on renewable energy.

Esmat highlighted present and future areas of cooperation in terms of providing the necessary funding for several renewable energy electricity production projects, and supporting renewable energy tenders in terms of advisory services and other various forms of support.

The Minister added that a work plan is in place to expand interconnected energy storage systems and establish separate storage stations within the framework of relying on renewable energy and using it during peak times. The plan also focuses on increasing the percentage of renewable energy in the energy mix and diversifying electricity generation sources from renewable energy.

This comes within the framework of the state’s plan for sustainable development and its energy strategy to bring the renewable energy share to over 42% in the energy mix by 2030, and continue fostering the share of renewable energy to over 60% by 2040.