Hala al-Saeed, the minister of planning and economic development, attended the signing of a number of Energy agreements and cooperation protocols worth US$83 billion in the renewable energy sector on Tuesday between the Sovereign Fund of Egypt and a number of businesses.
Aside from the Conference of the Parties to the United Nations Framework Convention on Climate Change, COP27, which was held in Sharm el-Sheikh from November 7 to November 18, the agreements were signed.
According to Saeed, the Sovereign Fund of Egypt is a significant investment arm of the Egyptian government, and part of its job is to find and research potential investment opportunities before developing a strong investment product to be offered to the private sector.
She stated that the fund is actively aiming to alleviate any hassles that the investor may experience when interacting with government agencies, local investors, and overseas investors.
She further clarified that in order to attract both domestic and international investors, funds occasionally participate in investment projects with minority stakes.
According to the minister, Egypt has made significant investments in infrastructure to entice private sector participation from both home and abroad. It has also made changes to the law.
In order to support all the various collaborations, the Sovereign Fund’s authorized capital expanded from LE200 billion to LE400 billion, with the goal of reaching one trillion pounds in a few years, she said.
In response to a question on the Fund’s future plans for renewable energy, Saeed said that Egypt has a number of initiatives for new and renewable energy, including investments in water desalination, for which Egypt has received 300 offers of international cooperation.
She emphasised that the fund was making great efforts to enlist private sector funding in the areas of water desalination, green hydrogen, and renewable energy.