Egypt, Norway’s Norfund discuss infrastructure guarantees, renewable energy investment

Egypt is discussing potential cooperation with the state-owned Norwegian Investment Fund for Developing Countries (Norfund) on infrastructure financing guarantees and renewable energy investment, the Planning and Economic Development Ministry said on Thursday.

Egypt’s Planning and Economic Development Minister Ahmed Rostom met Norfund Chief Executive Erik Sandersen on the sidelines of the annual meetings of the International Monetary Fund and World Bank Group in Bangkok to discuss cooperation under Egypt’s Infrastructure Financing Guarantee Facility (IFGF).

Rostom outlined the facility, which aims to provide guarantees for nationally prioritised projects to encourage private-sector participation. It focuses on vital sectors and infrastructure development in industrial zones, with the aim of reducing carbon emissions and strengthening investors’ productive capacity and competitiveness.

The two sides also discussed attracting investment into Egypt’s renewable energy projects and using the guarantee facility to mitigate financing risks and encourage private-sector participation.

Potential areas of cooperation included distributed renewable energy projects serving industrial facilities, energy-storage solutions, and infrastructure needed to integrate additional renewable energy capacity, supporting Egypt’s transition towards a green economy.

Sandersen expressed interest in learning more about the facility, its potential applications and opportunities for Norfund to participate. Such cooperation could support investment in infrastructure projects and open new avenues for development cooperation between Egypt and Norway, he added.