Egypt seeks renewable energy co-operation with NDB

Egypt is seeking to increase co-operation with the New Development Bank (NDB) especially in the electricity production sector, Egyptian Minister of Electricity and Renewable Energy, Dr. Mohamed Shaker, has told the Vice President of the New Development Bank (NDB), Mr. Vladimir Kazbekov, who is currently visiting the country.

Egypt has signed co-operation pacts with international firms to implement green hydrogen projects to cover local market and export. The Egyptian government has implemented reforms and introduced policies to boost renewable energy share in the power mix to over 42% by 2030, a statement carried by the Egyptian Cabinet’s Facebook page said on Wednesday.

Shaker emphasised the importance of using renewable energy in electricity production to reduce reliance on fossil fuel, increase clean energy share, protect the environment, and optimise natural gas consumption, which positively impact economy. Egypt has implemented several measures to tap into its vast renewable energy potential. These measures aim to encourage private sector involvement in the industry, especially in new and renewable energy projects, according to the statement.

Currently, solar energy projects in Egypt have reached competitive prices of $0.02/kWh, and wind energy projects are priced at $0.0245/kWh.

Vladimir Kazbekov commended the progress in Egypt’s electricity and renewable energy sectors, expressing the bank’s interest in expanding investments in Egypt and enhancing collaboration with the electricity sector. He also emphasised that international entities are keen to invest in Egypt, viewing it as a gateway to Africa.