The project worth $1.6 billion will connect both countries’ grids with 900 kilometers of overhead transmission cables and pass across the sea bed, for 25 kilometers.
Egypt will finance 40 per cent of the project and the Gulf country will cover the remaining 60 per cent. Works will be complete by 2023, after being delayed from an original 2021 launch date due to Saudi Arabia’s Neom project, Arab Finance reports.
Last week, Egypt’s Electricity Minister Mohamed Shaker said Egypt will begin exporting from October this year up to 3,000 MW/h of electricity to Cyprus and Greece.
The North African country already has electricity interconnectivity with Sudan while there are also plans to establish interconnection with Jordan, and Iraq.