The Egyptian government has signed a series of big agreements with development partners and private companies to help grow its private sector and increase green energy production. The signing ceremony was held during the “Development Finance to Foster Private Sector-Led Growth & Jobs” conference in Cairo.
One key agreement is the financial closure of the Obelisk solar power project. The 1-gigawatt solar farm, which will also have 200 megawatt-hours of battery storage, is expected to cost about $600 million. Norway’s Scatec is developing the project. It is part of the Ministry of Electricity’s plan to add more power to the national grid and falls under the energy pillar of Egypt’s NWFE program — a framework for climate-related and green projects.
Also during the conference, the government signed a Power Purchase Agreement for the Shadwan Wind Project. The Shadwan wind farm is another green energy venture by Norway’s Scatec. It will produce 900 megawatts of power from wind and bring in about $1 billion in direct investment from abroad. The project is located in Ras Shukeir in the Gulf of Suez and is also a key part of the NWFE program’s energy track.
The International Finance Corporation (IFC) teamed up with UAE’s AMEA Power to fund Egypt’s first utility-scale battery storage project. The battery will be integrated into the Abydos solar power project, adding storage capability to solar energy and making sure power is available even when the sun isn’t shining.
The Ministry of Planning, Economic Development, and International Cooperation also entered into a partnership with the Federation of Egyptian Banks. The aim is to help businesses connect to financial and technical services through a digital platform called Hafiz. The Hafiz platform already offers more than 90 services and has nearly 18,000 users. It is meant to aid companies, especially small and medium enterprises, in accessing financing and technical help more easily.
Additionally, the government secured a €21 million investment grant from the European Investment Bank (EIB) to fund its Sustainable Green Industries Project. The funding will help industries cut emissions and become more environmentally friendly.
Another milestone was the signing of an agreement by Planning Minister Rania Al-Mashat alongside 12 representatives from chambers of commerce, business associations, and the Federation of Egyptian Industries. The aim is to connect more businesses to financial and technical services through the Hafiz platform. The move is meant to help entrepreneurs and industrial players grow and create more jobs.
These agreements reflect Egypt’s drive to create a strong private sector and a green future for its industries and businesses. The projects will bring in large amounts of investment, add power to the grid, cut emissions, and make sure businesses have financial and technical help when they need it.
This approach shows a clear path forward for Egypt — a future where businesses grow, industries become more sustainable, and the country meets its energy needs through clean power.
