EBRD backs Egypt–Greece green energy link

The European Bank for Reconstruction and Development (EBRD) has signed a grant agreement with ELICA Interconnector, part of Greece’s Copelouzos Group, to fund initial studies for the Egypt–Greece electricity interconnection project, GREGY, Al Ahram reports. The project aims to create a North–South green energy corridor, delivering solar- and wind-generated electricity from Egypt to Europe via Greece through a submarine cable.

The EBRD grant, signed this week, will fund a routing study and a cost-benefit analysis, both critical for advancing the project. GREGY is part of the EU’s Global Gateway strategy and listed among its Projects of Mutual Interest.

Backed by the EU’s InvestEU Advisory Hub, the interconnector is expected to reduce Europe’s reliance on Russian gas, cut emissions by 10 million tonnes annually, and support green hydrogen production. Officials say the project will enhance energy security, accelerate the green transition, and deepen Europe–Africa cooperation.