Renewable energy sector in Egypt eyes $1 bn investments

Egypt is set to attract direct foreign investments of $1 billion in the renewable energy sector during the current year, Dr Sherif Oteifa, the Minister of Investment advisor, said Wednesday.

The advisor made these comment during Egypt Energy Investment Summit that take place between 16 and 18 February 2016 in Cairo.

He added that the total expected amount of the foreign investments during the current year in Egypt’s energy sector is estimated at $8 billion.

Oteifa said that the necessary funds to carry out the renewable projects will be secured through the current year. In addition, a deal to produce electricity from the renewable energy in Aswan will be activated comes October 2016.

The European Bank for Reconstruction and Development (EBRD) helps Egypt’s renewable energy business to flourish through financing most of its projects, the advisors noted.