Dr. Rania El Mashat, Egypt’s Minister of Planning , held a meeting with Mr. Mohamed Shokry, Director of Fortescue Green Energy, and Mr. Amr El Dibe, Regional Director of Business Development and Strategic Partnerships at the company, to discuss opportunities for joint cooperation and the company’s ongoing projects in Egypt. The discussions focused on advancing Egypt’s green transformation and increasing investments in renewable energy.
Government Commitment to Expanding Renewable Energy Efforts
During the meeting, Dr. El Mashat reiterated the government’s strong commitment to expanding renewable energy initiatives. She highlighted that Egypt has implemented large-scale national projects with private sector participation across several sectors, particularly renewable energy. She further explained that the Egyptian government’s green transformation strategy focuses on attracting private sector investments to scale up renewable energy projects, with the goal of reaching 42% of total installed capacity from renewable sources by 2030. This ambition underlines Egypt’s commitment to accelerating the transition to clean energy and reducing reliance on unsustainable energy sources.
Coordination with Development Partners and Financial Support
Dr. El Mashat noted that her ministry works closely with all development partners, including the European Bank for Reconstruction and Development (EBRD), to provide affordable financing for the private sector to expand in renewable energy. The Ministry has also included additional investments in Egypt’s economic and social development plan to enhance the stability of the national grid, particularly by adding renewable energy capacity to the grid to meet summer demand.
Incentives and Investment Guarantees for Private Sector Participation
The Minister emphasized the importance of investment guarantees provided by the European Union to encourage private sector investments in key projects, particularly renewable energy. She noted that Egypt is continuing its discussions with other development partners to expand these investment guarantees, thereby reinforcing the country’s efforts to attract both local and foreign investments and increasing private sector involvement in development initiatives.
Fortescue’s Green Energy Projects and Potential in Egypt
During the meeting, representatives from Fortescue Energy outlined the status of agreements signed in the fields of green hydrogen and green ammonia during the COP27 conference. They confirmed their commitment to continuing cooperation and increasing their investments in Egypt, leveraging their expertise in renewable energy and green hydrogen. They also emphasized Egypt’s competitive advantage in the green hydrogen sector, which positions the country as a key player in this rapidly growing field.
