Egypt signs agreements worth $83 billion in the renewable energy sector

On the sidelines of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27), Egypt signed a number of agreements and cooperation protocols with 9 developers in renewable energy sector worth $83 billion.

Minister of Planning and Economic Development and Chairman of the Board of Directors of the Sovereign Fund of Egypt, Hala Al-Saeed, said that the fund represents an important investment arm for the Egyptian government, as its role is to search for available investment opportunities, study them and turn them into a good investment product to be presented to the private sector.

She pointed out that the increase in the authorized capital of the Sovereign Fund of Egypt from 200 billion pounds to 400 billion pounds, to reach 1 trillion pounds within a few years, is aimed at having the capacity and ability to absorb all the different partnerships.

She added that Egypt has put forward a set of investments in the field of water desalination and has received 300 proposals for cooperation from many countries, stressing that the Sovereign Fund of Egypt is working hard to mobilize private sector investments in the fields of renewable energy, green hydrogen, green ammonia and water desalination.

Ayman Soliman, Executive Director of the Sovereign Fund of Egypt, said that the signing of these binding agreements is a testament to the fund’s ability to attract private investment to strategic sectors.

Soliman explained that the investments are in line with the strategy of the Sovereign Fund of Egypt to remove carbon using sustainable means that benefit the economy and position Egypt as an international center for green energy.

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