Italy is offering Egypt an electrical interconnection project at a cost of $2.8 billion

The Egyptian Ministry of Electricity has received an offer from Italy to implement a joint electrical interconnection project between the two countries with investments amounting to $2.8 billion, according to two government sources who spoke with Al Sharq.

One of the two sources who spoke with Al-Sharq on condition that their names not be published said that the offer made by Italy to officials of the Egyptian Electricity Transmission Company affiliated to the Egyptian Ministry of Electricity included signing a memorandum of understanding to implement the studies of the electrical interconnection project between the two countries, provided that Italy bears the cost of consultations and submitting a feasibility study for the project to the Ministry. Egyptian Electricity before making the decision to sign the project implementation agreement.

The electrical capacities to be exchanged between Egypt and Italy range between 2,500 and 3,000 megawatts, according to preliminary discussions and the offer submitted by Italy, which includes a commitment to procure costs from Italian banks and European financing agencies.