EGYPES 2024: Sisi highlights financing challenges for Egypt, Africa in meeting energy commitments
El-Sisi was speaking at the inauguration of the Egypt Energy Show (EGYPES 2024) on Monday, themed “Driving Energy Transition, Security, and Decarbonization.”
The seventh EGYPES 2024 is being held at Al-Manara International Conference Centre, New Cairo, through Wednesday.
The event has attracted officials, local and global energy sector leaders, CEOs, and tens of thousands of attendees and delegates from the energy sector.
El-Sisi emphasized that while advanced countries in Europe and the US can fulfil their commitments due to their organizational and economic capacities, Egypt and Africa are struggling to implement theirs.
He stressed that fulfilling such commitments becomes extremely challenging in low-income countries.
Energy commitments in Egypt
El-Sisi referred to Egypt’s achievements over the past decade to fulfil its energy commitments, including increasing the number of households connected to the natural gas network to 15 million.
This initiative has enabled 60 percent of residential units in Egypt to utilize natural gas, but it required significant time, effort, and financial resources, the president said.
El-Sisi also addressed the challenges posed by the poor conditions of Egypt’s infrastructure and roads, which led to annual losses of around $9-10 billion.
“Over the past seven years, I would humbly say that we have successfully overcome this problem but at a tremendous cost,” El-Sisi stated.