Not only is the government working on finalizing the national strategy aimed at climate change, a national strategy for hydrogen usage as a source of clean energy is also in the works
Total number of green projects implemented by Egypt, within the state’s national investment plan, will increase to around 50-60% of all planned investments by FY2024/2025, up from the 15% implemented in the previous fiscal year, says Minister of Planning and Economic Development Hala El-Said.
These will include projects directed towards handling the impact of climate change, providing clean transportation, improving water and sanitation systems, establishing desalination plants, and enhancing power efficiency and renewable energy, the minister explained.
Not only is the government working on finalizing the national strategy aimed at climate change, a national strategy for hydrogen usage as a source of clean energy is also in the works.
El Said’s comments were during the 12th edition of the Arab-Austrian Economic Forum, organized by the Austro-Arab Chamber of Commerce.
The minister highlighted Egypt’s position as the largest market in the Middle East and North Africa region and the main gate to African and European markets, making the country an investment destination for Austrian businesses.
Egypt’s real GDP growth is expected to jump 5.2% in the current fiscal year, El Said noted, up fromt 3.3% projected in FY2020/21, despite the harsh implications of the ongoing pandemic.
Furthermore, El-Said referred to the role the Sovereign Fund of Egypt plays in boosting partnership with the private sector and creating investment opportunities in fast-growing and promising sectors, including manufacturing, healthcare, education, and tourism, with a special focus on digital transformation fintech, real-estate investment, and infrastructure.
Egypt is the guest country at the event this year, as the forum concentrates on the energy, railways, and tourism sectors; taking note of the country’s economic scene and its development efforts and highlighting the investment opportunities the state provides for foreign investors to tap.
