Minister ElKhatib discusses increasing British investments in Egypt
The visit includes ElKhatib's participation in several events of the commercial mission organized by the British Egyptian Business Association (BEBA) from 18 to 20 September.
Egypt plans to attract more foreign investments into the local market to boost the country's real GDP growth and create more job opportunities.
Additionally, the country aims to attract investments in particular sectors to shift it into a regional hub, especially in renewable energy.
ElKhatib met representatives of British companies that work in various fields, including renewable energy, pharmaceutical industries, fruit packaging, and the rail signalling industry.
Increasing investment in renewable energy
British company Globeleq aims to increase its investment in the renewable energy field in Egypt.
This was announced during a meeting, held at the Egyptian Commercial Office in London, in the presence of Paolo de Michelis, head of Globeleq; Matteo Cappilli, business development associate of Globeleq; Oge Diala, project director at Pash Global; and Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI).
The meeting touched upon Globeleq’s interest in expanding its investments in wind power generation and the establishment of desalination plants using renewable energy.
The company expressed its interest in smart transport projects using clean energy in Egypt.
Globeleq, one of the largest investors in renewable energy in Africa, acquires the 25 MWp Winnergy solar plant in Egypt.
It started investing in Egypt in 2003, delving into the field of renewable energy in 2014.
The British company is leading the development of large-scale green hydrogen and green ammonia projects in Egypt, following the signing of a binding Framework Agreement at COP27 with the Sovereign Fund of Egypt, Egyptian Electricity Transmission Company (EETC), New and Renewable Energy Authority (NREA), and the Suez Canal Economic Zone.
Pash Global’s Diala noted during the meeting that the company will manufacture solar panels in Egypt, transforming Egypt into a regional and international centre for solar energy.
Pash Global signed with the General Authority of the Suez Canal Economic Zone (SCZone) a memorandum of understanding (MoU), valued at £2 billion.
In August, Egypt established the National Council for Green Hydrogen to stimulate green investment. In November, the council launched the National Strategy for Green Hydrogen.
Under the strategy, Egypt aims to increase the energy generated from renewable sources to 42 percent by 2035. It also targets up to 8 percent of the global trade in the green hydrogen market by 2040.