CAIRO, June 16 (MENA) - The Ministry of Planning, Economic Development and International Cooperation on Monday announced inking six cooperation agreements and protocols between the government, private sector and development partners on the sidelines of the "Development Finance to Foster Private Sector-Led Growth and Jobs" conference.

Organized by the Ministry of Planning, Economic Development and International Cooperation, under the patronage of Prime Minister Mostafa Madbouli, the event brought together high-level representatives from the government, multilateral and bilateral development partners, business councils, chambers of commerce and other key stakeholders.

The government signed the financial Closure of the 1 GW “Obelisk” Solar Power Project that is developed by Norwegian company Scatec, that includes 200 MWh of battery storage, with total investments of dlrs 600 million.

An energy purchase agreement was signed between the Egyptian Electricity Transmission Company and Scatec for the Shadwan wind energy project, which Scatec is developing with a capacity of 900 megawatts in Ras Shukeir, Gulf of Suez.

The project involves direct foreign investments of approximately dlrs 1 billion and is also part of the energy component of the "NWFE" program.

Meanwhile, the conference witnessed the signing of a financing agreement between the International Finance Corporation (IFC) and UAE-based AMEA Power to support Egypt’s first utility-scale battery energy storage project, linked to the Abydos Solar Power Project, also included under the NWFE program.

For her part, Mashat said that Minister of Planning said the ministry is working in coordination with the Ministry of Electricity and Renewable Energy and international development partners to mobilize innovative financing mechanisms for the national platform of the "NWFE" program, which targets 42% renewable energy by 2030. She pointed out that from 2020 to May 2025, more than 25% of concessional financing secured by the private sector in Egypt has been directed toward renewable energy and logistics services.

As regards the expansion of the “Hafiz” platform for financial and technical support to the private sector, Mashat signed an agreement during the conference with several business associations, including: the Federation of Egyptian Industries, Federation of Egyptian Chambers of Commerce, the Confederation of Egyptian European Business Associations (CEEBA), the Egyptian-British Chamber of Commerce and the Egyptian-African Businessmen’s Association.

The agreement aims to maximize private sector benefit from the Hafiz platform across various governorates in Egypt, providing expanded access to financial and technical support tools for businesses nationwide. (MENA)

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