Egypt needs clean energy to shine after $50B bailout, but will it?

Al-Monitor Readers

Samuel Wendel

Senior Market Research Analyst, Al-Monitor

June 16, 2024

Egypt is bracing for another scorching hot summer full of crippling electricity cuts. News surfaced June 7 that the country — recently a significant energy exporter — is seeking up to 20 cargoes of liquefied natural gas (LNG) to cover demand amid rolling blackouts and forced temporary shutdowns of chemical and fertilizers plants. This ongoing power crunch has delivered a major reality check for Egypt’s goal of becoming a regional energy exporting hub, while amplifying broader economic woes plaguing the country of 110 million. A roughly $50 billion bailout recently provided by international backers has given Egypt breathing room, but the government still needs to tackle this energy crisis. Key to that will be unlocking Egypt’s abundant renewable energy potential, which remains largely untapped despite attracting huge investment pledges — making this a critical moment for more clean energy projects to heat up.