Egypt has been witnessing critical challenges for a year to improve the economy, Minister of Investment Ashraf Salman said in the Energy and Future of Investment in Egypt conference’s opening session, Monday.

He added during the conference, organised by Business News, that McKinsey & Company believes Egypt is in need of major investments during the upcoming period.

Salman said Egypt allowed the private sector to take its place in production and distribution, encouraging more capital to fulfil Egypt’s electricity requirements, particularly in the new and renewable energy field.

The investments in new and renewable energy are expected to attract approximately $45bn over the next few years, Salman said. He added that the government seeks to resolve the land shortage and foreign currency crisis, still being studied by the cabinet’s Economic Group.

He added that the Ministry of Investment, in cooperation with the Ministry of Electricity, is accomplishing the tasks and required procedures to promote investments in the energy sector.

He concluded that Egypt is ready for investments in all sectors.

Source: Daily News Egypt