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

This picture taken on October 12, 2022 shows a view of solar panels used to power irrigation pumps along the Afir agricultural canal near the city of Kafr el-Dawwar in Egypt's northern province of Beheira. (Photo by Khaled DESOUKI / AFP) (Photo by KHALED DESOUKI/AFP via Getty Images)
To:

Al-Monitor Readers

From:

Samuel Wendel

Senior Market Research Analyst, Al-Monitor

Date:

June 16, 2024

Bottom Line:

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.  

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