Egypt Strengthens Partnerships for Sustainable Economic Growth and Renewable Energy Transition

H.E. Dr. Rania A. Al-Mashat, Egypt's Minister of Planning, Economic Development and International Cooperation, has been actively participating in the World Economic Forum's Annual Meeting of the New Champions in Tianjin, China. As part of her engagement, she held high-level meetings with key stakeholders to discuss the activation of the "Egypt's Future of Growth Accelerator" initiative. This partnership with the World Economic Forum aims to advance inclusive economic development in Egypt, leveraging the expertise and insights of the WEF's Centre for the New Economy and Society. The initiative also seeks to integrate with Egypt's soon-to-be-launched "Advancing Economic Development in Egypt: Reforms for Growth, Jobs & Resilience" narrative, which promotes a transition towards a private-sector-led growth model. In a separate meeting, Dr. Al-Mashat discussed the latest developments in renewable energy investments in Egypt with Mr. Mohammad Abunayyan, Founder and Chairman of ACWA Power.

Key Takeaways:

• The Egyptian government is committed to creating an enabling environment for the private sector, enhancing its contribution to national development efforts across all sectors.
• The Ministry of Planning, Economic Development and International Cooperation has released the second progress report on the NWFE program, which aims to add 10 GW of new renewable energy capacity, backed by approximately $10 billion in investments, while phasing out 5 GW of fossil-fuel-based electricity generation by 2028.
• Over the past two and a half years, Egypt has successfully mobilized $4 billion in concessional financing to support 4.2 GW of renewable energy projects, involving key global and regional partners such as ACWA Power, Masdar, Infinity Power, Scatec, and local developers like Orascom Construction and Hassan Allam Utilities.
• The partnership between Egypt and the World Economic Forum embodies the Egyptian government's efforts to promote inclusive economic development, draw on foreign expertise, and strengthen private sector engagement.
• The activation of the "Egypt's Future of Growth Accelerator" initiative will support the integration of Egypt's NWFE program with international best practices and specialized global knowledge, thus enhancing Egypt's capacity to achieve the UN's Sustainable Development Goals (SDGs).
• Egypt is making significant strides in its energy transition, with a focus on renewable energy sources, in an effort to address its energy needs, reduce CO2 emissions, and promote sustainable economic development.
• The Egyptian government is committed to simplifying and streamlining the regulatory framework to facilitate foreign investment and encourage private sector growth.

Statistics:

• 10 GW of new renewable energy capacity to be added by 2028
• Approximately $10 billion in investments for the NWFE program's energy pillar
• $4 billion in concessional financing mobilized over the past two and a half years
• 4.2 GW of renewable energy projects supported
• 5 GW of fossil-fuel-based electricity generation to be phased out by 2028
• 4.5 years remaining to achieve the NWFE program's 2028 target
• Over 4 billion people worldwide rely on fossil fuels for energy
• Renewable energy can provide up to 90% of global energy needs by 2050

Sources:

• H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, Egypt
• Ms. Saadia Zahidi, Managing Director at the World Economic Forum
• Mr. Mohammad Abunayyan, Founder and Chairman of ACWA Power
• Ministry of Planning, Economic Development and International Cooperation, Egypt
• World Economic Forum
• Contify.com