Egypt signs $83 billion agreements in renewable energy sector

The Sovereign Fund of Egypt (TSFE) has signed on Tuesday a number of agreements and cooperation protocols with nine developers in the renewable energy field about $83 billion, on the sidelines of COP27 hosted by Egypt in Sharm El Sheikh.

TSFE’s role is to search and study available investment opportunities and turn them into a good investment product to be presented to the private sector, said the Minister of Planning and Economic Development Hala al-Saeed.

al-Saeed further added the fund is currently working to remove any burdens that the investor may bear while dealing with the state institutions, local and foreign investors.

Ayman Soliman, Executive Director of TSFE, has clarified that the investments are in line with Egypt’s sovereign decarbonisation strategy using sustainable means that benefit the economy and place Egypt as an international green energy centre.

Egypt has invested heavily in infrastructure field to be attractive to the domestic and foreign private sector, as well as Egypt’s amendments to legislation.

She cited the licensed capital’s increase of the Egyptian sovereign fund from 200 billion Egyptian pounds to 400 billion pounds, targeting to reach 1 trillion pounds in years.