Dr. Nasr: "A KWD 200.000 grant secured to finance a feasibility study for the establishment of investment projects and to maximize the local component".
The Minister of Investment and International Cooperation Dr. Sahar Nasr, the Minister of Military Production Dr. Mohamed Saeed Al-Assar, and the Minister of Electricity and Renewable Energy Dr. Mohamed Shaker witnessed the signature of a contract between the Ministry of Military Production and the Federation of Consultants represented by PSE. The purpose of the contract is to finance the implementation of a technical and economic feasibility study for the two projects of establishing a solar power plant and a factory for manufacturing solar panels from Egypt Silica Sand with an annual production capacity of 1 GW.
The project aims to produce photovoltaic solar panels from natural sand, beginning from the production of the silicon metal from sand to the production of solar cells which are used to produce solar panels in their final form.
The relevant feasibility study, according to Dr. Nasr, would be financed through the grant worth KWD 200.000 secured by MIIC from the Kuwait Fund for Arab Economic Development (KFAED), in favor of the Ministry of Military Production (the beneficiary). The Minister pointed out that the grant came within the framework of MIIC's constant coordination with Arab and foreign financing institutions to implement the national plan for developing the solar power sector in Egypt, given that the plan targets 20% of renewable energy production by 2020.
The Minister mentioned that the purpose of the study was to establish high-return investment projects with a view to make use of Egypt Silica sand in the manufacturing of photovoltaic panels that are used in electricity generation from solar power. The study, added by Dr. Nasr, was considered a key step to maximize the local component in the electricity generation process, given that the project would improve the level of the Egyptian technology and provide further job opportunities to youth.
The Minister said that MIIC formed a tripartite committee from the Ministries of Investment, Military Production and Electricity to supervise relevant studies.
On his part, the Minister of Military Production emphasized that the projects would make a quantum leap in the production of solar panels and that the project aimed to make use of Egypt's natural sand and create job opportunities. Weekly committees featuring representatives of the above-mentioned ministries was being held to discuss the project.
The project's implementation period, stated Dr. Al-Assar, ranged from 2 years and half to 3 years, noting that the implementation would commence upon the finalization of the relevant feasibility studies and that the Ministry would utilize all technological and human potentials to implement the project.
Dr. Shaker, on the other hand, emphasized that the project was within the framework of the sustainable development plan and would make a quantum leap in the field of electricity generation from natural sources.