Egypt’s Minister of Planning and Economic Development, Hala El-Said, recently said that the government is planning to invest £447.3 billion in 691 green projects over the coming year.Despite the current pandemic situation the government carried out its investment plan with £36.7 billion which represents 14 % of the total public investment planned for the 2020/2021 fiscal year.
In particular with the production of renewable energy the Egyptian authorities will continue their investment programme in the electricity sector. Funding is allocated to a 25 MW wind power project in the Gulf of Suez and to the construction of the Zaafarana solar photovoltaic power plant. The project is being implemented by the German company Belectric with a capacity of 50 MWp. The Egyptian government states that the project will provide 90 million kW/h of electricity per year, while avoiding the emission of 50,000 tons of carbon dioxide. At the same time the Egyptian authorities will also save 18,000 tonnes of oil, a fossil fuel used to run thermal power stations.
The egyptian ministry indicates that 30% of the funds that are dedicated to green projects will be invested in the housing sector, mainly in the new cities under construction in Upper Egypt.
The government’s green investment plan also focuses on the transportation sector, which absorbs 50% of the planned budget. For example, the funds allocated by the Egyptian government will be used, among other things, to implement the electric train project that will link the new administrative capital (NAC) to other cities in the country. This project is being financed to the tune of 67 million dollars by the Exim Bank of China.
Egyptian Minister of Planning and Economic Development Hala El-Said added that,Waste management will be included in the Egyptian government’s investment programme aims at strengthening solid waste management and the efficiency of the cleaning system throughout Egypt.
