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  • Thursday, 18 May 2023

During the annual meetings of the European Bank for Reconstruction and Development (EBRD), Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat Discusses Expanding Scope of Saudi company ACWA Power in Renewable Energy & Water Desalination Sectors in Egypt.

● Al-Mashat: We are working with development partners to provide blended finance that stimulate private sector investment in the renewable energy and water desalination sector within the framework of the "NWFE" program

● Officials of the Saudi company applauded the role of the Ministry of International Cooperation and its international partnerships in encouraging investments and providing the necessary funds for the implementation of projects

Within the framework of H.E.’s  meetings at the European Bank for Reconstruction and Development (EBRD) Annual Meetings in Samarkand, Uzbekistan, from May 16-18, H.E. Dr. Rania A. Al-Mashat, Minister of International Cooperation and Governor of Egypt at the Bank, met ACWA Power Saudi Arabia’s CEO Marco Arcelli. During the meeting, they discussed the company's investments in Egypt, and their interest to expand in the field of renewable energy, water desalination and green hydrogen.

The meeting discussed the projects that the company is working on implementing in Egypt, and the role of international partnerships with the EBRD in promoting these investments through development finance and technical support. In this regard, company officials applauded  the efforts made by the Ministry of International Cooperation to stimulate private sector participation. In development and encouraging private investments in the renewable energy sector and electricity generation through relations with development partners, especially through the implementation of Egypt’s Country Platform for the "NWFE" program.

Al-Mashat explained the Government of Egypt’s keenness on the effective participation of the private sector, as a major partner in development, in the implementation of projects in various fields, as well as the implementation of the "NWFE" program, the nexus of water, food and energy projects. H.E. added that the Ministry of International Cooperation works to coordinate  with development partners and relevant entities  to provide various financing mechanisms and blended finance that encourage the private sector to inject investments into the implementation of these projects.

It is worth noting that ACWA Power is working on the construction of a wind power plant in the Gulf of Suez with a capacity of 1100 megawatts as part of the projects being implemented within the framework of the energy pillar of the "NWFE" program, through which it aims to implement renewable energy stations with a capacity of 10 gigawatts to reduce harmful emissions and stimulate a just transition towards renewable energy in Egypt.

The company's officials affirmed their endeavor to expand investment inside Egypt through the implementation of renewable energy projects, as well as green hydrogen production and water desalination projects, in a way that enhances development efforts in the country.

The company had obtained $114 million in financing to inaugurate the largest solar power plant belonging to the private sector in Egypt, in the city of Kom Ombo in Aswan, with a capacity of 200 megawatts. Last April, the company obtained new financing of $123 million within the framework of the same project from the EBRD, the OPEC Fund for International Development, the African Development Bank, the Sustainable Energy Fund for Africa of the African Development Bank, the Green Climate Fund, the Arab Bank, and the Arab Company for Petroleum Investments "APICORP".