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Daily News Egypt
a day ago
- Business
- Daily News Egypt
Suez 1.1 GW wind project, part of NWFE programme, wins two regional awards
The Suez 1.1 GW Wind Power Plant Project, part of Egypt's 'NWFE' (Nexus of Water, Food, and Energy) programme, has received two regional awards for 'Best Infrastructure Deal' and 'Best Energy Deal,' the Ministry of Planning, Economic Development and International Cooperation announced. The project, implemented by a consortium of local and foreign private sector entities, secured the 'Deal of the Year' award in the infrastructure sector from African Banker magazine. Financing for the project was contributed by a consortium of international and regional financial institutions, including the African Development Bank, the OPEC Fund for International Development, the European Bank for Reconstruction and Development (EBRD), British International Investment (BII), DEG (a subsidiary of KfW), and the Arab Petroleum Investments Corporation (APICORP). The project also received the 'Best Energy Deal in Egypt and Africa' award from EMEA Finance. This recognition was within the framework of a platform launched by Hassan Allam Utilities, in cooperation with the French company Meridiam and the EBRD, to provide $300m in financing for the project. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, stated that energy projects within the 'NWFE' programme 'embody the strength of partnership between the government, private sector, and international institutions to drive development efforts and green transition.' Al-Mashat emphasised that the 'NWFE' programme country platform, particularly its energy pillar, has become a model for partnership between international financial institutions and the local and foreign private sector. This partnership aims to provide the necessary financing and investments to support Egypt's efforts in renewable energy, contributing to the implementation of the national sustainable energy strategy and nationally determined contributions. The Minister pointed out that structural and regulatory reforms implemented by the government since 2014 have facilitated significant private sector entry into the renewable energy field. This, she noted, has encouraged international financial institutions to inject investments and development financing into these projects. Egypt aims to achieve 42% renewable energy in its generated power mix by 2030. 'We continue to coordinate with the European Bank and other partners to add 10 GW of renewable energy through the program's projects,' Al-Mashat added. She further detailed that the energy pillar of the 'NWFE' programme has achieved tangible results since its launch in November 2022 at COP27. Agreements have been signed to initiate renewable energy projects with a capacity of 4.2 GW with private sector companies, and development financing of approximately $4bn has been mobilised for these projects. Al-Mashat explained that efforts are ongoing in coordination with the EBRD to achieve the programme's energy pillar target: adding 10 GW of renewable energy capacity with investments of approximately $10bn, phasing out 5 GW of fossil fuel power generation by 2028, and enhancing and developing grid infrastructure, while supporting national grid investments. These efforts all aim to support the national strategy. The Suez wind project is described as the largest of its kind in Egypt and one of the largest projects on the African continent. It is expected to generate 4,111 GWh annually, providing clean, reliable, and affordable energy to over one million households. The project is also anticipated to reduce annual carbon dioxide emissions by approximately 1.71 million tons, significantly contributing to Egypt's climate commitments under the Paris Agreement.
See - Sada Elbalad
2 days ago
- Business
- See - Sada Elbalad
Suez 1.1 GW Wind Power Plant Wins Two Global Awards for Landmark Energy Deal
Israa Farhan The Ministry of Planning, Economic Development and International Cooperation announced that the Suez 1.1 GW Wind Power Plant Project, implemented by a local and foreign private sector consortium as part of the energy pillar of the "NWFE" program country platform, has received two international awards. The project won the "Deal of the Year" award in the infrastructure sector from African Banker magazine. A consortium of international and regional financial institutions contributed to the project's financing, including the African Development Bank, the OPEC Fund for International Development, the European Bank for Reconstruction and Development (EBRD), British International Investment (BII), DEG (a subsidiary of KfW), and the Arab Petroleum Investments Corporation (APICORP). In the same context, the project received the "Best Energy Deal in Egypt and Africa" award from EMEA Finance, within the framework of the platform launched by Hassan Allam Utilities, in cooperation with the French company Meridiam and the EBRD, to provide $300 million in financing for the project. H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, emphasized that the "NWFE" program country platform, particularly regarding the energy pillar, has become a model for partnership between international financial institutions and the local and foreign private sector. This partnership aims to provide the necessary financing and investments to support Egypt's efforts in renewable energy, for the implementation of the national sustainable energy strategy and nationally determined contributions. H.E. Dr. Al-Mashat pointed out that the structural and regulatory reforms implemented by the government since 2014 have opened the way for the private sector to significantly enter the renewable energy field. This has encouraged international financial institutions to inject investments and development financing into these projects, noting that Egypt seeks to implement its vision to reach 42% renewable energy in its generated power by 2030. H.E. Minister Al-Mashat added that the energy pillar of the "NWFE" program has achieved tangible results since the program's launch in November 2022 at COP27. Agreements have been signed to initiate renewable energy projects with a capacity of 4.2 GW with private sector companies, and development financing of approximately $4 billion has been mobilized for these projects. She explained that efforts are ongoing in coordination with the EBRD to achieve the program's energy pillar target: adding 10 GW of renewable energy capacity with investments of approximately $10 billion, phasing out 5 GW of fossil fuel power generation by 2028, and enhancing and developing grid infrastructure, while supporting national grid investments, all with the aim of supporting the national strategy. The Suez wind project is the largest of its kind in Egypt and one of the largest projects in the African continent. It is expected to generate 4,111 GWh annually, providing clean, reliable, and affordable energy to over one million households. It will reduce annual carbon dioxide emissions by approximately 1.71 million tons, significantly contributing to Egypt's climate commitments under the Paris Agreement. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan
See - Sada Elbalad
6 days ago
- Business
- See - Sada Elbalad
Al Mashat participates in Egyptian-Swedish Business Forum
Basant Ahmed Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, participated in the Egyptian-Swedish Business Forum, held at the General Authority for Investment. The forum was attended by H.E. Eng. Hassan El-Khatib, Minister of Investment and Foreign Trade; H.E. Mr. Benjamin Dosa, Sweden's Minister for Foreign Trade and International Development Cooperation; Mr. Dag Juhlin-Dannfelt, Ambassador of Sweden to Egypt; Ms. Maria Håkansson, CEO of the Swedish Development Finance Institution "Swedfund"; and a number of major Swedish companies investing in Egypt, including IKEA, Ericsson, and Electrolux, among others. During her speech, H.E. Dr. Rania Al-Mashat emphasized that the Egyptian-Swedish Business Forum represents a gathering that reflects the strength of the economic partnership between Egypt and Sweden, two nations that share a vision for progress driven by innovation, investment, and cooperation. H.E. noted that the first Egyptian-Swedish Business Forum contributed to enhancing dialogue, strengthening trade relations, and led to actionable insights on how to deepen cooperation. Among the key outcomes was a shared ambition to enhance financial mechanisms, support business expansion, and leverage expertise in technology and sustainability. The success of that forum laid the foundation for today's discussions, allowing for building upon mutual achievements. H.E. Dr. Al-Mashat affirmed that the presence of Swedish companies operating in Egypt plays a crucial role in driving innovation, creating job opportunities, and promoting industrial efficiency. This also reflects Egypt's centrality as a regional and international hub in trade and logistics, encompassing everything from infrastructure and digital solutions to financial tools that empower entrepreneurs and companies alike. H.E. Minister Al-Mashat pointed out that the forum represents an opportunity to further integrate Swedish expertise with Egyptian ambition, ensuring the continued achievement of shared goals. H.E. Dr. Al-Mashat highlighted the strong Egyptian-European relations, both at the country and European financial institution levels, which support sustainable development efforts in Egypt and empower the private sector. She mentioned that next June will witness the launch of the investment guarantee mechanism, which was announced during the Egyptian-EU Summit. This mechanism provides guarantees worth 1.8 billion Euros to attract private capital and mobilize impactful investments across vital sectors such as energy, infrastructure, digitalization, water, agriculture, and climate resilience. These guarantees will also play a pivotal role in mobilizing additional financing from European and international development banks, enhancing Egypt's investment landscape, and creating new opportunities for the private sector, including Swiss companies. H.E. Dr. Al-Mashat touched on the ambitious measures implemented by the government since March 2024 to enhance macroeconomic stability and improve the business environment, aimed at driving growth, employment, and solidifying the economy's resilience. This was reflected in the shift in the quality of economic growth, now based on non-petroleum manufacturing industries, as well as an increase in private sector investments compared to a contraction in public investments. H.E. Minister Al-Mashat also stressed the importance of fostering Foreign Direct Investment (FDI) from Swedish companies in Egypt, as well as strengthening technical support within the framework of the national platform for the "NWFE" program. She also highlighted Egypt's endeavors in the Carbon Border Adjustment Mechanism (CBAM) to boost the competitiveness of Egyptian exports while adapting to the green transition and reducing greenhouse gas emissions. H.E. Dr. Al-Mashat reiterated that the forum provides a unique opportunity to build lasting partnerships, explore untapped potential, and align economic visions for a better tomorrow. She confirmed the Ministry of Planning, Economic Development and International Cooperation commitment to maximizing the benefit from development cooperation mechanisms with the Swedish side to drive economic development. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
Egypt Independent
26-05-2025
- Business
- Egypt Independent
Planning Minister says IsDB's new strategy approved at critical timing
Egyptian Minister of Planning, Economic Development and International Cooperation, and Egypt's Governor to the Islamic Development Bank (IsDB) Group, Rania Mashat said the bank's 2026-2035 development strategy has been passed at an important timing regionally and internationally. The minister's remarks came during her participation in the IsDB Group's 2025 Annual Meetings, held from May 19 to 22, in the Algerian capital Algiers under the theme 'Diversifying Economies, Enriching Lives.' Mashat voiced keenness on developing broader cooperation between Egypt and the bank to propel economic development efforts, increase human capital investments, and provide more funding tools to serve both local and foreign private sectors in Egypt. 'Egypt works on making use of the bank's new strategy to open new horizons of cooperation on supporting the private sector and financing projects of infrastructure, education, digital transition, renewable energy and adaptation to climate change,' the minister added.
See - Sada Elbalad
21-05-2025
- Business
- See - Sada Elbalad
Al-Mashat Meets UN Assistant Secretary-General & UNDP Regional Director for Arab States to Discuss Enhancing Joint Relations
Rana Atef Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation and Egypt's Governor to the Islamic Development Bank (IsDB), met with Dr. Abdallah Al-Dardari, UN Assistant Secretary-General and UNDP Director of the Regional Bureau for Arab States. This meeting took place during her participation in the 2025 Annual Meetings of the Islamic Development Bank Group held in Algeria, under the theme "Economic Diversification, Enriching Life." During the meeting, both sides reviewed the partnership framework between Egypt and the UNDP, within the broader partnership with the United Nations, and the implementation of the Strategic Framework for Cooperation for Sustainable Development 2023-2027. In this regard, Dr. Rania Al-Mashat emphasized the evolution of the partnership with the UNDP over the past years and its diversification across various fields that enhance development efforts. The two sides also touched on preparations for the 4th International Conference on Financing for Development in Spain next June, and its importance in reforming the global financial structure and exploring solutions to complex challenges facing the global development landscape. They also discussed joint events to be held by the Ministry of Planning, Economic Development and International Cooperation, in cooperation with the UNDP, during the conference to advance global efforts in climate finance and stimulate private sector participation. Dr. Rania Al-Mashat commended the effective participation of the UNDP with the Ministry of Planning, Economic Development and International Cooperation in launching the Integrated National Strategy for Financing Development last March. This strategy is a key document that highlights Egypt's approach to financing the Sustainable Development Goals (SDGs) and proposes an integrated national financing framework that serves as an umbrella encompassing various financing initiatives aimed at accelerating the achievement of the SDGs. In this context, Dr. Al-Mashat affirmed that the Ministry is moving towards the implementation phase, and expressed aspiration for continued support from the Programme in activating the strategy's action plan, particularly in coordination with development partners and other financial institutions. The goal is to translate Egypt's Vision 2030 and the SDGs into an integrated financing system that links planning and financing. Dr. Al-Mashat also expressed anticipation of continued cooperation with the Programme in preparing the Human Development Report for Egypt for 2025. A pivotal foundational workshop was organized on April 13, 2025, bringing together representatives from academia, civil society, and national institutions. She emphasized the importance of broad participation and the involvement of multiple stakeholders in formulating the report's vision and determining its analytical path. In a related context, the meeting reviewed Egypt's progress in the 2025 UNDP Human Development Index report, particularly regarding the improvement of healthcare services, years of schooling, and closing the gender gap. Dr. Al-Mashat highlighted the Ministry's endeavors to maximize economic development in order to bridge sectoral development gaps in various fields, especially in human and industrial development and other priority areas. Minister Al-Mashat also presented the national narrative for economic development that the Ministry seeks to launch in the coming period. This narrative aims to align Egypt's Vision 2030 with the government's action program by setting clear targets that contribute to boosting economic development and achieving the resilience of the Egyptian economy, with a focus on key sectors: macroeconomic stability and financing for development, industrial development, foreign direct investment, employment, and investment in human capital. Dr. Al-Mashat praised the Programme's support in preparing and publishing 27 local reports on localizing the SDGs. She welcomed the signing of a joint project for localizing the SDGs in cooperation with the UNDP, the UN Resident Coordinator's Office, the United Nations Human Settlements Programme (UN-Habitat), and UNICEF, in addition to implementing this ambitious initiative. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
