Mohamed El Sobki, chairman of Egypt’s New & Renewable Energy Authority (NREA), stated at the event Tuesday that the country was targeting 18,000 megawatts of renewable energy projects.
According to the Egyptian Petroleum and Mineral Resources Minister Sherif Ismail, the energy sector is estimated to receive investments worth $47bn over the next five years.
Egypt expects the amount of foreign investment it attracts to double to $8 billion this fiscal year and is preparing a string of reforms to raise that further in coming years, its investment minister said on Monday.
Africa's energy industry could boom in the coming years, with Mozambique and Tanzania set to emerge as new frontiers if they can attract enough badly needed investment, a report said recently.