The signature was attended by Mohamed Shaker, Minister of Electricity and Renewable Energy, Rania Al -Mashat, Minister of International Cooperation, and 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.
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 the available investment opportunities, study it 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 and foreign investor may bear it in dealing with the state, in addition to entering the fund sometimes with a minority class 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 infrastructure 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 has increased from 200 billion pounds to 400 billion pounds, targeting 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, 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, green, and water desalination.
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For his part, Ayman Suleiman, Executive Director of the sovereign Egypt Fund, said, “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 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.
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He pointed out that “the signing of these binding agreements is a testament to the Egypt’s sovereign fund’s ability to implement its role in attracting private investment to the strategic sectors, after it signed 83 billion dollars 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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