Cairo: Dr. Mostafa Madbouly, the Prime Minister of Egypt, participated in the signing ceremony of several significant agreements involving the government, development partners, and the private sector. The event was part of the “Development Finance for Private Sector Empowerment: Economic Growth and Employment” conference, orchestrated by the Ministry of Planning, Economic Development, and International Cooperation.
According to State Information Service Egypt, the conference, attended by ministers, parliament members, ambassadors, international institution representatives, and private sector stakeholders, marked a strategic step towards enhancing private sector contributions to economic activities. Prime Minister Madbouly emphasized the government’s dedication to fostering a competitive and sustainable economy through private sector partnerships and structural reforms.
Among the highlights was the financial closure agreement for the “Obelisk” solar power project, a collaboration with Norwegian company Scatec, involving an investment of $600 million. This initiative aims to add 1 gigawatt of solar power capacity, along with 200 megawatt-hours of battery storage, to Egypt’s grid as part of the “Novi” program. The agreement was signed by key figures from Scatec, the European Bank for Reconstruction and Development, the British Investment Office in Egypt, the African Development Bank Office in Egypt, and the National Bank of Egypt.
In addition, the Prime Minister witnessed the signing of the power purchase agreement for the Shadwan wind energy project, another collaboration with Scatec, with an investment of approximately $1 billion. This project, located in Ras Shuqair in the Gulf of Suez, is also part of the “Novi” energy initiatives.
The conference saw the signing of a financing agreement between the International Finance Corporation (IFC) and EMEA Power for Egypt’s first utility-scale energy storage project. This agreement aims to advance the Abydos solar power project within the “Novi” program, further emphasizing Egypt’s commitment to renewable energy development.
A cooperation agreement was also signed between the Ministry of Planning, Economic Development, and International Cooperation and the Egyptian Banks Union to enhance access to development partner services via the “Hafez” platform. This platform provides financial and technical support to the private sector, showcasing the government’s efforts to streamline access to development resources.
Lastly, an investment grant agreement for the sustainable green industries project, amounting to 21 million euros, was signed with the European Investment Bank. This agreement reinforces the government’s pursuit of sustainable industrial development initiatives.
The “Hafez” platform, launched by the Ministry, plays a crucial role in connecting development partners, government entities, and the private sector. It offers over 90 financial services and technical support options from 44 bilateral and multilateral development partners, benefiting nearly 18,000 private sector users and entrepreneurs. The platform serves as a pivotal tool in advancing economic diplomacy and sustainable development financing in Egypt.