During the meeting, both parties reviewed the status of the solar energy station project to provide electricity to the Naga Hammadi aluminium complex, in cooperation with the Norwegian company SCATEC.
This project aligns with Egypt's strategy to transition to a green economy, expand the uses of renewable energy, and comply with environmental requirements, ensuring sustainability, increasing exports, and opening new markets.
During the Egypt-EU investment conference in June, the Sovereign Fund of Egypt (TSFE) signed an agreement with Orascom Construction, Fertiglobe, and SCATEC to develop a project of green hydrogen production to produce 13,000 tons annually with a total capacity of 100 MW as well as two solar and wind power plants with a total capacity of 250 MW.
Shimy highlighted that enhancing cooperation with the private sector and attracting foreign investments represent key pillars in the new ministry’s action plan.
He added that this plan includes supporting local manufacturing, developing industrial entities, achieving added value, increasing employment rates, production, and export, localizing modern technology, and developing effective marketing plans, underscoring Egypt’s commitment to offering facilities and incentives to attract investors.
Shimy also welcomed cooperation with Norwegian companies who wish to invest or expand in Egypt as a gateway to the Middle East and African markets.
It is worth noting that Egypt is currently engaged with the International Monetary Fund (IMF) in an $8 billion loan under the Extended Fund Facility (EFF), with its third review scheduled to occur later this month.
One of the main commitments under this loan is to expand and enhance Egypt’s role in its private sector, allowing it to achieve more economic development.
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