Norway plans to increase its investments in Egypt to around USD 2 bn during the upcoming period, Invest-Gate reports.

The Norwegian Ambassador to Egypt, Sten Arne Rosnes, announces the plan during a meeting with Minister of Investment and International Cooperation in Cairo today.

During the meeting, the two senior officials also discussed means of increasing Norwegian investments in Egypt’s field of renewable energy. The ambassador also says that his country is willing to cooperate with Egypt in the second round of its feed-in-tariff scheme.

In cooperation with the International Fund Corporation (IFC) and the European Bank of Reconstruction and Development (EBRD), the Norwegian energy provider Scatec Solar has pledged to inject around USD 500 bn to fund Egypt’s feed-in-tariff scheme. An initial USD 500 mn will be partially injected next October.