The European Bank for Reconstruction and Development (EBRD) applauds Egypt’s efforts to strengthen the business climate, increase private sector engagement, and establish the NWFE initiative to accelerate the transition to renewable energy.
This was highlighted in the EBRD’s 2023-2024 transitional report, which is issued yearly to highlight economic developments in its operating countries and support the transition to an open market economy and entrepreneurship.
The report also urged accelerating the green agenda to achieve Egypt’s goal of becoming a regional center for clean and renewable energy. It stressed the importance of the authorities encouraging investments in solar and wind energy and increasing investments in infrastructure to support the growth of the green hydrogen sector and ensure energy security.
The EBRD praised the measures taken by the state to enhance private sector participation, increase investments, and improve the business environment. It also lauded Egypt’s steps in increasing the share of renewable energy, transforming into a regional center for renewable energy, and launching the NWFE programme, which connects water, food, and energy projects.
The report mentioned the measures taken by the state to increase the percentage of renewable energy in the energy mix to 42% by 2030 instead of 2035. It also noted the launch of a programme that enhances the state’s ambition in this regard by stopping the operation of many stations that run on fossil fuels and launching new stations that run on renewable energy to ensure a fair and sustainable transition to renewable energy.
The report highlighted the launch of the NWFE programme, which connects water, food, and energy projects, within the activities of COP27 in Sharm El-Sheikh, and the state’s ambitious plan in the energy sector.
The report also referred to the state’s efforts to improve the business environment for investors in the Suez Canal Economic Zone, with the participation and technical support of the EBRD through projects supporting digital transformation. It also mentioned the establishment of a green hydrogen manufacturing center in that region. Administrative procedures have been simplified by introducing a one-stop system, and work continues to digitize investor services.
The report pointed out the approval of the state ownership policy document to increase the role of the private sector and its contribution to the economy to 65% within three years. It also praised the government’s announcement of a plan to sell shares of 32 state-owned government companies.
The report emphasized the regulatory reforms launched by the government to improve the business climate and promote equal opportunities in line with the State Ownership Policy Document. It also mentioned the measures taken to enhance competition fairness. The government also amended the public-private partnership law.
