Egypt Aims for New Solar Projects

Egypt Aims for New Solar Projects

Egypt’s Minister of Industry and Trade, Tarek Kabil, announced that the ministry will establish a new solar energy project for industrial purposes within the next five years, in cooperation with the United Nations’ Industrial Development Organization (UNIDO) and New and Renewable Energy Authority, Daily News Egypt  reported.

The cost of the project will reach around .

5m and it will be financed by the Global Environment Facility in order to provide energy for the food, textile, and chemical industries, as they are the most consuming industries, El Bawaba informed.

Kabil said that the project is part of the government’s strategies to generate 20% of Egypt’s energy from renewable sources by the year 2020, which amounts to 7,200 MW.

He also mentioned that the project is divided into four main parts. The first is about creating the policies and incentives to use renewable energy technologies. In the second stage, the project will promote the benefits of renewable energy, while the third stage is aimed to encourage local industries and support local investors to produce the components of solar energy plants. The last segment of the project is to provide training for employees in the renewable energy sector.

Dr. Mahinaz El-Baz 318 Posts

Mahinaz El Baz received her PhD degree in International Economics from Helwan University in 2022. She has +10 years of experience in journalism and economic analysis. She received the "Best Economic Article Award" in 2016 from CFA Society Egypt.

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