Trilateral Cooperation Strengthens Energy Collaboration Between Egypt, Greece, and Cyprus

H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, underscored Egypt’s commitment to energy collaboration during the Egypt-Greece-Cyprus Business Forum. The event, held at the Federation of Egyptian Chambers of Commerce, coincided with the tenth summit of the trilateral cooperation mechanism, emphasizing strategic partnerships amid regional and international challenges.

The forum saw participation from key figures, including H.E. Dr. Mahmoud Esmat, Egypt’s Minister of Electricity and Renewable Energy, and Mr. George Papannastasiou, Cyprus’ Minister of Energy, Commerce, and Industry. A cooperation protocol was signed between the chambers of commerce of Egypt, Greece, and Cyprus, establishing a joint business council to enhance trade and investments.

In her keynote address, Dr. Al-Mashat highlighted the progress made in the energy sector, showcasing the trilateral partnership as a model of resource sharing aligned with the United Nations Sustainable Development Goals. She praised advancements in renewable energy projects and electricity cooperation, noting their potential to bolster energy security in Europe and the Middle East.

Renewable Energy at the Core of Cooperation

Dr. Al-Mashat emphasized Egypt’s significant strides in renewable energy, including ambitious solar, wind, and green hydrogen projects. These initiatives leverage Egypt’s abundant natural resources to meet local energy demands and serve export markets. The Minister also highlighted Egypt’s focus on diversifying water resources and conserving natural reserves as part of its sustainable development efforts.

“The trilateral partnership between Egypt, Cyprus, and Greece has become a cornerstone for achieving stability, security, and sustainable development in the Eastern Mediterranean,” Dr. Al-Mashat stated. “Our joint efforts in renewable energy are not only a testament to regional cooperation but also a significant contribution to global sustainability goals.”

Private Sector Engagement in Renewable Energy

Dr. Al-Mashat stressed the Egyptian government’s commitment to creating a conducive environment for private sector participation in renewable energy projects. Recent reforms have enhanced the competitiveness of the Egyptian economy, attracting foreign direct investments and expanding private sector roles in key industries.

Egypt’s renewable energy projects, including solar, wind, and green hydrogen, are integral to its Vision 2030 development plan. The Minister reiterated the government’s efforts to encourage foreign and local investments in these sectors, which are vital for economic growth and job creation.

Concessional Financing and Investment Opportunities

Dr. Al-Mashat highlighted the concessional financing of $4.2 billion secured from development partners, demonstrating Egypt’s appeal as an investment destination despite regional challenges. The European Union’s investment guarantees and multilateral support are expected to drive further investments in Egypt’s energy and priority sectors.

The forum concluded with a shared commitment to deepen cooperation in renewable energy and infrastructure, further strengthening the trilateral relationship between Egypt, Greece, and Cyprus.