Ahmed Emam
Egypt is set to begin implementing its electricity interconnection project with Greece before the end of the second half of this year, according to government sources.
The project, classified as a priority initiative within the European Union, is expected to receive a €1 billion grant and concessional financing.
Sources told Al Arabiya Business that three European financial institutions have expressed interest in funding the joint Egypt-Greece electricity transmission project. Further discussions on the financing arrangements are scheduled for next month.
During a meeting last week with Egyptian Minister of Electricity Mahmoud Esmat, representatives from the Greek energy group Copelouzos presented their proposed mechanisms for the project. They also recommended that the exchanged electricity be generated from renewable energy sources.
