Minister of Investment and International Cooperation Sahar Nasr and Minister of Electricity Mohamed Shaker inaugurated on Wednesday, 18 October, the Mediterranean union investment forum of renewable energy.
Nasr said that the Electricity Ministry reforms in the energy field, including feed-in tariffs, contribute to attracting the investors to invest in the renewable energy, as well as attracting a number of development partners such as the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB).
She added that a renewable energy strategy has been followed through diversifying energy sources and allocating subsidies for those in the field who deserve it.
“Renewable energy projects include providing job opportunities, reaching the neediest areas, and contributing in achieving the sustainable development goals,” according to Nasr.
In another context, Nasr pointed out to the solar energy agreement that was signed yesterday between Elsewedy Electric company, Electricite de France, and the EBRD.
This agreement is worth a total amount of $150m for the establishment of two 100 MW solar power stations.
Meanwhile, she pointed out to the signing of three power purchase agreements for solar energy projects, which was witnessed by Egyptian Prime Minister Sherif ismail.
Moreover, she called on the union for the Mediterranean to achieve the largest amount of funding for Africa.
Nasr stressed that there are huge regional cooperation opportunities, human and natural resources and huge markets that qualify the region to integrate more with the European partner.
On the other hand, the Minister of Electricity said that the energy strategy will link between Egypt, Asia, Africa, and Europe.