Toyota will invest over $1.5 billion in gas exploration in Egypt’s Mediterranean and renewable energy, according to a Tuesday statement by the Egyptian Foreign Ministry.

Cairo’s ambassador to Tokyo Ismail Khairat met with top officials of Toyota Tsusho to discuss investment opportunities brought up during Japanese Prime Minister Shinzo Abe’s visit to Egypt in January, and the findings of the Japanese delegation to the Egypt Economic Development Summit in March.

Khairat also praised the Japanese company for assembling the Toyota Fortuner in Egypt since 2012.

During his stay in Cairo, Abe invited President Abdel Fatah al-Sisi to visit Japan.

The Cabinet adopted a new tariff for renewable energy at a 600 percent increase in September 2014; a kilowatt of solar energy will cost 1.04 EGP ($0.14) and 0.85 EGP for a kilowatt of wind energy.

Source: The Cairo Post