Egypt's Investment and International Cooperation Minister Sahar Nasr said on Wednesday that the country has been working on infrastructure development to pave the way for more investments into renewable energy.
Nasr, who spoke at the Future Investment Initiative (FII) in Riyadh amid the participation of economic leaders from over 60 countries, said that Egypt aims to increase reliance on renewable energy to 20 percent by 2022.
Earlier this year, state news agency MENA quoted an official from the Ministry of Electricity and Renewable Energy as saying that fossil fuel is used to generate 90 percent of the country's electricity.
Nasr also said that Egypt seeks to attract $10 billion worth of direct investments in the current fiscal year 2017/18, adding that US, British and Saudi investors have already injected investments in the country during the past month.
Investments in human resources, education and health are a priority for the Egyptian investment ministry, Nasr said.