Today, Dr. Hala El-Said, Minister of Planning and Economic Development and Chairman of the Sovereign Fund of Egypt, witnessed the signing of a number of agreements and cooperation protocols between the Fund and a number of developers worth $83 billion in the renewable energy sector.
The signing was attended by Dr. Mohamed Shaker, Minister of Electricity and Renewable Energy, Dr. Rania Al-Mashat, Minister of International Cooperation, and Dr. Tarek El Molla, Minister of Petroleum.
This came on the sidelines of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27), which Egypt will host in Sharm El-Sheikh from 7-18 November.
Dr. Hala Al-Saeed said that the Sovereign Fund of Egypt represents an important investment arm for the Egyptian government, adding that its role is to search for and study available investment opportunities and turn them into a good investment product to be presented to the private sector, stressing that the fund is currently removing all the burdens that the local investor may bear.
And the foreigner in dealing with the state, in addition to entering the fund sometimes with minority shares to encourage the investor and the local and foreign private sector.
Al-Saeed explained that Egypt has invested heavily in the field of infrastructure to be attractive to the local and foreign private sector, in addition to the amendments that Egypt has made in legislation, noting that the authorised capital of the Egyptian Sovereign Fund has increased from 200 billion pounds to 400 billion pounds, in order to reach A trillion pounds within years, to have the ability and ability to absorb all the different partnerships.
On the future plans of the Fund in the field of renewable energy; Dr. Al-Saeed explained that there are a set of plans in the field of new and renewable energy, explaining that Egypt has proposed a set of investments in the field of water desalination, and on the basis of which Egypt has received 300 offers of cooperation from many countries, stressing that the Fund is working hard to mobilize private sector investments in The fields of renewable energy, green hydrogen, green ammonia and water desalination.
For his part, Ayman Soliman, Executive Director of Egypt’s Sovereign Fund, said that this great success represents a milestone in Egypt’s green strategy, and was only possible with the continuation of all government sponsors and the partners’ belief in Egypt’s potential as a green hydrogen hub.
Soliman stressed that Egypt made a tremendous effort in developing the green hydrogen program and made amazing progress in reaching this stage within months, noting that the signing of these binding agreements is a testament to the ability of Egypt’s sovereign fund to implement its role in attracting private investment to strategic sectors, after That signed $83 billion in investments with 9 developers.
Soliman explained that the investments are in line with the strategy of the Sovereign Fund of Egypt to remove carbon by using sustainable means that benefit the economy, and position Egypt as an international center for green energy.
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