Today, Dr. Hala Al -Saeed, Minister of Planning and Economic Development and Chairman of the Board of Directors of Egypt Sovereign Fund, witnessed the signing of a number of agreements and cooperation protocols between the fund and a number of developers worth $ 83 billion in the renewable energy sector.
The signature was attended by Dr. Mohamed Shaker, Minister of Electricity and Renewable Energy, Dr. Rania Al -Mashat, Minister of International Cooperation, and Dr.
Tariq Al -Mulla, Minister of Petroleum.
This came on the sidelines of the Conference of the Parties to the United Nations Framework Convention on COP27, which Egypt hosted in Sharm El Sheikh during the period from 7-18 November.
Dr.
Hala Al -Saeed said that the sovereign Egypt Fund represents an important investment arm for the Egyptian government, adding that its role is to search for available investment opportunities, study them and convert it into a good investment product that is presented to the private sector, stressing that the fund is currently removing all the burdens that the local investor may bear And the foreigner in dealing with the state, in addition to entering the fund sometimes with minority classes to encourage the investor and the local and foreign private sector.
Al -Saeed explained that Egypt has invested greatly in the field of infrastructure and the basic structure to be attractive to the local and foreign private sector, as well as the amendments made by Egypt in the legislation, noting that the licensed capital of the Egyptian sovereign fund increased from 200 billion pounds to 400 billion pounds, in order to target to reach A trillion pounds within years, to have the ability and ability to accommodate all different partnerships.
On the future plans of the fund in the field of renewable energy; Dr. Hala Al -Saeed explained that there is a set of plans in the field of new and renewable energy, explaining that Egypt has put forward a set of investments in the field of desalination of water and Egypt has obtained 300 offers for cooperation from many countries, stressing that the fund is working hard to mobilize private sector investments In the fields of renewable energy, green video, green ammonia and water desalination.
For his part, Ayman Suleiman, Executive Director of the sovereign Egypt Fund said that this great success represents a milestone in Egypt’s green strategy, and it was only possible with the continuation of all government sponsors and the belief of the partners in Egypt’s capabilities as a green hydrogen center.
Suleiman stressed that Egypt made a tremendous effort in developing the green hydrogen program and made amazing progress in reaching this stage within months, noting that the signing of these binding agreements is a testimony of Egypt’s sovereign fund’s ability to implement its role in attracting private investment to the strategic sectors, yet That 83 billion dollars signed in investments with 9 developers.
Suleiman explained that the investments are in line with the strategy of Egypt’s sovereign fund to remove carbon using sustainable means that benefit the economy, and place Egypt as an international green energy center..
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