Investors to pump $6B in Egypt's renewable energy sector: GAFI

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In a recent interview with Asharq Bloomberg, Hossam Heiba,the CEO of the General Authority for Investment and Free Zones (GAFI), disclosed that Egypt received requests from both Gulf and international investors to obtain licenses for investing in renewable energy ventures. The collective value of these requests surpasses a $6 billion.
 
The requests include several alliances, from European-Gulf alliance, a Chinese alliance, and an Indian alliance with each project valued at $2 billion.
 
Moreover, Heiba also announced Egypt's plan to increase the number of issuance the golden licenses from 25 licenses in 2023 to over 50 licenses in 2024.
 
By intensifying its focus on key sectors such as green energy, industry, technology, data centers, textiles, medicine, health, education, agriculture, and tourism,
Egypt seeks to attract even more investment and stimulate economic growth and progress.
 
Furthermore, Mohamed Shaker, the Minister of Electricity and Renewable Energy, revealed that the private sector in Egypt is presently engaged in the development of renewable energy projects with a cost of $4.4 billion.
 
These projects are projected to enhance Egypt's overall installed capacity of renewable energy to 10,000 megawatts by the conclusion of 2025.

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