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At the Development Finance to Foster Private Sector-Led Growth & Jobs conference, the Egyptian government inked six major agreements with international development partners and private sector players, reinforcing its commitment to sustainable energy and economic growth.
A key highlight was the financial closure of the Obelisk Solar Power Plant, a flagship project by Norway’s Scatec, featuring 1 gigawatt of solar capacity and 200 megawatt-hours of battery storage.
With an investment of $600 million, the project is part of the Ministry of Electricity’s emergency energy expansion plan and contributes to the energy pillar of Egypt’s NWFE (Nexus of Water, Food, and Energy) program.
The conference also saw the signing of a Power Purchase Agreement for the Shadwan Wind Project, another Scatec-led venture located in Ras Shukeir, Gulf of Suez.
The project will deliver 900 megawatts of wind energy and bring in approximately $1 billion in direct foreign investment, further supporting Egypt’s clean energy agenda under NWFE.
In a third major step, the International Finance Corporation (IFC) partnered with AMEA Power of the UAE to finance Egypt’s first utility-scale battery energy storage facility, integrated within the Abydos Solar Project, another key NWFE initiative.
Beyond energy, agreements were signed to expand private sector support through the Hafiz platform. The Ministry of Planning and Economic Development signed an MoU with the Federation of Egyptian Banks to improve access to financial and technical services for local businesses.
Additionally, a €21 million investment grant was signed with the European Investment Bank (EIB) to advance Egypt’s Sustainable Green Industries Project. Rounding off the agreements, Minister Rania Al-Mashat signed a cooperation deal with 12 representatives from chambers of commerce, business associations, and the Federation of Egyptian Industries to scale up engagement with Hafiz and strengthen support for entrepreneurs and industrial leaders across Egypt.
