CAIRO – 17 January 2024: Minister of Electricity and Renewable Energy, Mohamed Shaker, held a meeting with Vladimir Kazbekov, the Vice President of the NDB bank, to discuss ways of strengthening cooperation between Egypt's electricity and renewable energy sector and the bank.
During the meeting, Kazbekov expressed the NDB's keenness to expand investments in Egypt and foster closer collaboration between the bank and the electricity sector.
Shaker highlighted Egypt's strategic objective of increasing the share of renewable energy in the country's electricity mix.
He added that Egypt aims to raise the contribution of renewable energy to over 42 percent of the energy mix by 2030.
Moreover, the electricity minister emphasized Egypt's endeavors in the field of green hydrogen, including collaborations with international companies to implement pilot projects for green hydrogen production within the country.
On the sidelines of the COP27 conference, the government signed about 23 memorandums of understanding (MoU) to boost the production of green hydrogen.
Additionally, the minister emphasized the sector's keenness on pursuing electrical connectivity initiatives with neighboring nations and exporting electricity to Europe, with the aim of establishing Egypt as a prominent energy hub within the region.
As 2024 rolls in, Egypt officially joins the BRICS bloc, bringing in a new chapter marked by economic promise alongside Saudi Arabia, the UAE, and others, and is expected to open up new horizons of global influence and investment opportunities.
It is worth noting that the BRICS founding members are Brazil, Russia, India, China and South Africa. Egypt’s membership in the BRICS economic bloc was officially activated in January 2024.
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