Egypt signs 6 green investments deals with development partners, private sector
Egypt penned six agreements and cooperation protocols with development partners, business associations, and private sector representatives.
The key deals were signed during the 'Development Finance to Foster Private Sector-Led Growth & Jobs' conference, according to a press release.
The contract aims to advance renewable energy projects, support green industries, and expand the 'HAFIZ' platform, while boosting investment and financing for enterprises.
Deals Signed under NWFE
Under the Nexus of Water, Food and Energy (NWFE) program, the government inked three contracts to advance its renewable energy ambitions and attract substantial foreign investment.
The agreements included the financial close for the 1 GW Obelisk Solar Power Plant, which will feature 200 megawatt-hour (MWh) of battery storage.
The first project, developed by Norwegian firm Scatec, will be implemented with total investments of $600 million.
A total of $479 million will be provided by the European Bank for Reconstruction and Development (EBRD), British International Investment (BII), and the African Development Bank (AfDB) to Scatec's subsidiary, Obelisk Solar Energy.
Additionally, the Egyptian Electricity Transmission Company (EETC) penned a $1 billion power purchase agreement with Scatec for the 900 MW Shadwan Wind Power Project in Ras Shukeir, Gulf of Suez.
The third deal was signed between IFC and AMEA Power to finance Egypt's first utility-scale battery storage project, linked to the Abydos Solar Power Plant under the program's energy pillar.
Expanding 'HAFIZ' Hub
Rania El-Mashat, Minister of Planning, Economic Development and International Cooperation, signed a cooperation agreement to expand the 'HAFIZ' platform.
The agreement was signed with the Federation of Egyptian Industries (FEI) and other business associations to support private sector growth and enhance enterprise access to advisory and financing services.
El-Mashat also inked a bilateral cooperation protocol with the Federation of Egyptian Banks to strengthen dialogue between banks and international development partners, with a focus on supporting SMEs and boosting private sector empowerment.
Sustainable Green Industry (SGI) Project
The Ministry of Planning, in cooperation with the EIB and the National Bank of Egypt (NBE), signed a EUR 21 million investment grant agreement to support the Green Sustainable Industry (GSI) project.
On the other hand, Egypt launched an investment program to finance projects focused on pollution reduction, decarbonization, and improving energy and resource efficiency in the public and private industrial sectors.
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