Egypt planning to raise green projects to 60% of total investments by FY2024/25

Doaa A.Moneim , Monday 25 Oct 2021

Egypt is planning to increase the amount of green projects that will be implemented within the state’s national investment plan to around 50 to 60 percent of all investments by FY2024/2025, up from the 15 percent executed in FY2020/2021 — which ended in June — said Minister of Planning and Economic Development Hala El-Said.

Hala El-Said
File Photo: Minister of Planning and Economic Development, Hala El-Said. Photo courtesy of Ministry of Planning and Economic Development website.

El-Said’s announcement came during her participation in the 12th edition of the Arab-Austrian Economic Forum, which is organised by the Austro-Arab Chamber of Commerce and kicked off on 20 October 2021.

The event was organised in cooperation with the Egyptian embassy in Vienna.

These projects are designed to focus on handling the impact of climate change, providing clean transportation, improving water and sanitation systems, establishing desalination plants, and enhancing power efficiency and renewable energy, according to El-Said.

She also pointed out that the government is working on drafting a national strategy for hydrogen that fosters the usage of green and blue hydrogen as sources of clean energy.

Moreover, the government is finalising the national strategy for climate change.

In regard to the country’s macroeconomic performance, the minister noted that Egypt’s real GDP growth is projected to jump to 5.2 percent in the current FY2021/22, up from the 3.3 percent in FY2020/21, despite the harsh implications of the ongoing pandemic.

El-Said also asserted Egypt’s position as the largest market in the Middle East and North Africa region and the main gate to African and European markets, which makes the country an investment destination for Austrian businesspersons.

Furthermore, El-Said referred to the role the Sovereign Fund of Egypt plays in boosting partnership with the private sector and creating investment opportunities in fast-growing and promising sectors, including manufacturing, healthcare, education, and tourism, with a special focus on digital transformation fintech, real-estate investment, and infrastructure.

Egypt is the guest country at the event this year, as the forum concentrates on the energy, railways, and tourism sectors; taking note of the country’s economic scene and its development efforts and highlighting the investment opportunities the state provides for foreign investors to tap.

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