Tahoun Legal Consulting says Egypt intends to increase green investments to $14.7bln in FY2024/25
Arab Finance: Egypt is seeking to increase investments allocated for green projects to 50% of the total public investments in fiscal year (FY) 2024/2025, with a total estimated value of nearly $14.7 billion, Nermeen Tahoun, Founding Partner of Tahoun Legal Consulting, announced.
Tahoun highlighted the government's plans during her participation in the Arab Sustainability Expo, held under the auspices of the Arab League.
She added that Egypt plans to increase this percentage to 75% by 2030, per the Environmental Sustainability Standards Guide, across all general budget projects.
This mover aligns with Egypt's commitment to driving the transition towards a green economy that anchors its position as a regional hub for clean energy and attracts more international investments.
The green investments cover multiple sectors, including renewable energy relying on clean sources, like solar and wind, sustainable transportation, as well as the monorail projects in the New Administrative Capital (NAC) and 6th of October City.
Green projects also include water resource management, seawater desalination, irrigation system upgrades, and development of solid waste management systems.
Tahoun highlighted that foreign direct investments (FDI) in the green hydrogen sector reached nearly $215.5 billion across 33 projects.
She reflected on the Ras Shuqair project, which is valued at $7.7 billion and executed in partnership between the Red Sea Ports Authority, the New and Renewable Energy Authority (NREA), and several companies.
This project will have an annual production capacity of one million tons of green ammonia over three phases starting in 2029.
Meanwhile, the private sector investments in renewable energy projects stand at around $4.4 billion, with plans to attract $12 billion in Indian investments in green hydrogen and renewable energy projects.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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