On Monday, Minister of Investment Ashraf Salman said that Egypt can expect an estimated $45 billion investment in the renewable energy sector within the next few years.
Speaking at the Energy and Future of Investment conference, Salman said that Egypt is allowing the private sector into the production and distribution markets, the Egyptian Daily News reported.
The move has encouraged investment needed to meet the North African country’s electricity requirements, especially in the renewable sector.
Collaborating to address energy sector challenges
According to Salman, the Cabinet’s economic group is still assessing the challenges surrounding the lack of land and foreign currency, the Egyptian Daily News reported.
Salman included that the Ministry of Investment is working with the Ministry of Electricity to achieve the requirements needed in order to attract further foreign direct investment into the energy sector.
In other Egyptian news, undersecretary of the Ministry of Electricity Sabah Meshaly said on behalf of the Minister of Electricity Mohamed Shaker, that Egypt has implemented legislation to increase investments in production, transportation and distribution of electricity, the Egyptian Daily News reported.
The new legislation includes the approval of restructuring the electricity tariff, as well as amendments on the New and Renewable Energy Authority’s law (NREA), adjusting it to have a broader authority to invest in energy production, media reported.
According to Meshaly, a new electricity law is expected to be approved by President Abdel Fattah Al-Sisi within the next few days.
Minister of Electricity Mohamed Shaker said that the country is taking big steps to establish the infrastructure needed to attract investment into the energy sector.