Egypt is seeking to increase its share of renewable energy sources to 22% by 2020, Invest-Gate reports.
Minister of Investment and International Cooperation Sahar Nasr announces the plan during her meeting with Norwegian Scatec Solar Company Country Director Modern Langsholdt, according to a released statement.
During the meeting, the minister says that the government will pump investments worth approximately USD 3 bn into renewable energy projects across Egypt, including Aswan. In 2018, around 40 solar stations are expected to be constructed through cooperation with several investors including the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD).
“Providing an investment-friendly atmosphere and improving the business climate are the top priorities of the ministry to achieve economic growth,” says Nasr.