Egypt-Norway Partnership: Driving Green Energy Investments
Key Ideas
- Meeting in Cairo discussed increasing investments in renewable energy and green transformation in Egypt, in line with Egypt's vision for a green economy.
- Egyptian government committed to strengthening partnership with Norway to boost investments in clean energy and green economy sectors.
- Egypt working with the European Union to activate a €1.8 billion investment guarantee mechanism to support private sector investments in green energy projects.
- Scatec CEO presented future investment plan, including green hydrogen production and solar energy projects, reinforcing Egypt's position as a regional energy leader.
Egypt's Minister of Planning met with the Norwegian Ambassador and Scatec CEO to enhance investments in renewable energy. The focus was on aligning investments with Egypt's green economy vision. The progress report for the 'NWFE' program highlighted ongoing coordination for green transformation. This meeting followed President El-Sisi's visit to Norway, aiming to boost economic relations and green energy investments. The Egyptian government is creating an investment-friendly environment and implementing structural reforms to attract more private sector investments, with a focus on renewable energy. Collaboration with the European Union includes activating a €1.8 billion investment guarantee mechanism. Scatec's future investment plan in Egypt includes green hydrogen production and solar energy projects. The signing of agreements during the program launch demonstrates a commitment to green energy projects, such as establishing a 1 GW solar power plant for clean energy production.