Tunisia and European Investment Bank Sign €12 Million Grant Agreement for ELMED Project
The Tunisian Company of Electricity and Gas (Steg) and the European Investment Bank (EIB) signed a €12 million grant agreement, funded by the European Union, on Thursday, October 2. This financing is intended to support the technical assistance necessary for the realization of the ELMED project, a submarine electric interconnection between Tunisia and Italy.
Key Details of the Agreement
- The grant is valued at approximately €12 million, equivalent to 41 million dinars.
- The signing ceremony took place in the presence of the European Commissioner for Neighborhood and Enlargement, as well as several officials, including the Ambassador of the European Union to Tunis and the Director of the EIB's office in Tunisia.
- The agreement was signed by the President and CEO of Steg and the Head of the MENA division at the EIB.
About the ELMED Project
The ELMED project, estimated to be worth nearly €1 billion, aims to directly connect the Tunisian and Italian electricity grids through a high-voltage submarine line. This interconnection is expected to:
- Integrate Tunisia into the European energy market
- Strengthen the country's energy security
- Modernize the national grid
- Stimulate investments in renewable energy
Strategic Importance of the Project
The ELMED project is considered a strategic initiative, representing the first energy bridge between Africa and Europe. It has received support from the European Union, which has classified it as a project of common interest.
