June 19, 2019 : Sweden is aiming at promoting cooperation with Egypt in the renewable energy and electricity generation sector, the State Secretary to the Minister for Foreign Trade Niklas Johansson has said.
The North-Eastern African country’s Electricity and Renewable Energy Ministry, in a statement after a meeting in Cairo, said Swedish companies are a reliable partner and play a significant role to contribute to the projects of the electricity sector.
Electricity and Renewable Energy Minister Mohamed Shaker, representatives of Swedish companies in the energy field and the Swedish ambassador in Cairo among other officials attended the meeting in the Egyptian capital.
Johansson said a number of financing institutions are willing to provide the required funding for the renewable energy sector and support the sector of electricity meet the current and future needs.
Shaker praised the relationships between Egypt and Sweden, as well as the active participation of the Swedish side in the projects of the Egyptian electricity sector.
He also stressed that the electricity sector is always seeking to deepen the Egyptian-Swedish relations and strengthen the fields of economic cooperation, especially in the field of electricity and renewable energy.
Last year, a report by the International Renewable Energy Agency (IRENA) revealed that Egypt has the potential to generate up to 53 per cent of its electricity from renewable sources by 2030.
The report also stated that pursuing higher shares of renewable energy could reduce the country’s energy bill by up to US$900 million annually in 2030.