Egypt Business environment not conducive for investment in renewable energy

The new and renewable energy sector in Egypt is currently an unattractive pursuit for investment at the current time, say the owners of several companies which establish power plants in the field.

This sector, which is rapidly expanding and spreading in the rest of world, is facing significant problems that hinder the growth of its local investments, said the companies.

Head of Solar Energy Development Association (SEDA) Khaled Gasser said the sector of new and renewable energy is a field that is attracting investment and is currently expanding in most of the world. However, the present climate in Egypt is not conducive to investment and is preventing the sector from expanding.

According to Gasser, the US dollar crisis is pushing away many foreign investors who want to transfer their profits into US dollar, and at the end of the day they seek to make a profit.

The ruling legislation for this field is unclear, and the absence of an independent body responsible for the sector is one of the major obstacles preventing the sector from growing in Egypt, Gasser said.