• Financial close agreements for the 1 GW "Obelisk" Solar Power Plant project with $600 million in investments.
• Power purchase agreement for the 900 MW "Shadwan" Wind Power project with $1 billion in investments.
• Financing agreement to support the first battery energy storage project within the Abydos Solar Power Plant.
• Two agreements with 12 business councils, chambers of commerce, the Federation of Industries, and the Federation of Banks._
• To expand the private sector's benefit from the "HAFIZ" Hub for Advisory, Finance, and Investment for Enterprises.
• Signing of a €21 million grant agreement from the European Investment Bank for the implementation of the Sustainable Green Industries project.
The conference on Development Finance to Foster Private Sector-Led Growth & Jobs”, organized by the Ministry of Planning, Economic Development and International Cooperation under the patronage and presence of Prime Minister H.E. Dr. Mostafa Madbouly, witnessed the signing of six agreements and cooperation protocols between the government, development partners, the private sector, and business associations. These agreements cover renewable energy, green industries, and expanding the "HAFIZ" Hub for Advisory, Finance, and Investment for Enterprises.
The conference saw high-level attendance from the government, multilateral and bilateral development partners, business councils, federations of chambers of commerce and business councils, and other relevant parties.
_*Three Agreements under the "NWFE" Program*_
During the conference, financial close agreements were signed for the 1 GW "Obelisk" Solar Power Plant project, in addition to 200 MWh of battery storage, with total investments of $600 million.
This project is being developed by the Norwegian company Scatec and is one of the Ministry of Electricity's urgent plan projects to introduce additional capacity to the grid. It is also part of the energy pillar projects within the "NWFE" program.
According to the agreement, the European Bank for Reconstruction and Development (EBRD), British International Investment (BII) in Egypt, and the African Development Bank (AfDB) will provide $479 million in financing to Obelisk Solar Energy, a subsidiary of Scatec.
Additionally, a power purchase agreement was signed between the Egyptian Electricity Transmission Company (EETC) and Scatec for the Shadwan Wind Power project. This 900 MW project is being developed by Scatec in Ras Shukeir, Gulf of Suez, with total foreign direct investments of approximately $1 billion. It is also one of the energy pillar projects within the "NWFE" program.
In the same context, a financing agreement was signed between the International Finance Corporation (IFC) and AMEA Power,Dubai, to support the first utility-scale battery energy storage project in Egypt, specifically for the Abydos Solar Power project, which is also part of the energy pillar projects within the "NWFE" program.
H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, emphasized that the ministry is working in coordination with the Ministry of Electricity and Renewable Energy and development partners to mobilize innovative financing mechanisms for implementing the Country Platform for the "NWFE" program. This aims to achieve the goal of reaching 42% renewable energy by 2030, noting that from 2020 to May 2025, over 25% of the development financing obtained by the private sector was directed towards renewable energy and logistics.
_*Expanding the "HAFIZ" Hub for Advisory, Finance, and Investment for Enterprises*_
During the conference, H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, signed an agreement with the Federation of Egyptian Industries, the Federation of Egyptian Chambers of Commerce, the Confederation of Egyptian European Business Associations (CEEBA), the Egyptian British Chamber of Commerce, the Egyptian African Businessmen's Association, the Canadian Chamber of Commerce in Egypt, the Egypt-Japan Business Council, the Swiss-Egyptian Chamber of Commerce, the British Egyptian Business Association, the Egyptian Businessmen's Association, the Egyptian Junior Business Association (EJB), and the Italian Chamber of Commerce in Egypt. This agreement aims to maximize the private sector's benefit from the "HAFIZ" Hub for Advisory, Finance, and Investment for Enterprises across various Egyptian governorates.
The Minister of Planning and Economic Development and International Cooperation also signed a bilateral cooperation protocol with the Federation of Egyptian Banks. This aims to enhance dialogue between the banking sector and international development partners, especially in supporting small and medium-sized enterprises (SMEs), and to cooperate in maximizing the benefits of the "HAFIZ" Hub for Advisory, Finance, and Investment for Enterprises, which the ministry launched as an innovative mechanism to advance the private sector empowerment agenda by facilitating access to development finance and technical services.
H.E. Dr. Rania Al-Mashat pointed out that the ministry launched the "HAFIZ" Hub for Advisory, Finance, and Investment for Enterprises as an innovative mechanism to advance the private sector empowerment agenda by facilitating access to development finance and technical services.
The platform was designed as an integrated digital gateway connecting development partners, implementing agencies, government entities, and the business community across all categories—including large corporations, SMEs, micro-enterprises, and startups. The platform was developed to be a strategic tool within the ministry's efforts to enhance economic diplomacy and stimulate financing for sustainable development.
Through the "HAFIZ" platform, over 90 financing and technical support services are available from 44 bilateral and multilateral development partners. The platform has seen significant development, with the number of services increasing from 62 at its launch in December 2023 to over 90 currently, attracting nearly 18,000 private sector users and entrepreneurs. The platform's database includes over 700 companies that have benefited from support services, and over 1,000 tenders and development initiatives funded by development partners in Egypt and more than 80 other countries have been showcased, providing tangible opportunities for expansion and access to regional and international markets.
_*Green Sustainable Industry (GSI) Project*_
On another note, the Ministry of Planning, Economic Development and International Cooperation, the European Investment Bank (EIB), and the National Bank of Egypt signed an investment grant agreement for the Green Sustainable Industry (GSI) project totaling €21 million.
H.E. Dr. Rania Al-Mashat outlined that the government of the Arab Republic of Egypt had announced the implementation of an investment program aimed at financing projects related to pollution reduction, decarbonization, and energy and resource efficiency for industrial companies operating in both the public and private sectors.
H.E. Dr. Al-Mashat affirmed that the project aims to support Egypt's endeavors in transitioning towards a green and sustainable economy by financing industrial projects that contribute to reducing pollution and carbon emissions. She added that the project seeks to enable industrial companies, both public and private, to implement advanced environmental solutions that enhance their operational efficiency and preserve natural resources.
It is worth noting that during the Egyptian-European Investment Conference in June 2024, H.E. Dr. Rania Al-Mashat, together with the European Commission and the European Investment Bank, signed the Green Sustainable Industry project agreement, valued at €271 million. This project is financed by the European Investment Bank with €135 million, a €30 million grant from the European Union managed by the European Investment Bank, in addition to financing from the French Development Agency and other financing entities. The program is being implemented by the Egyptian Environmental Affairs Agency and the National Bank of Egypt.