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The Japan international cooperation agency (JICA) has agreed to invest $240 million in Egypt’s green economy development.
- Egypt intends to generate 20 per cent of its grid electricity from renewable energy sources by 2030 and 42 per cent by 2035.
- JICA is also one of the financiers of the 200MW Kom Ombo photovoltaic solar project.
The government of Japan, via the Japan international cooperation agency (JICA) as agreed to invest $240 million in the Egyptian green economy, renewable energy development and climate action.
The financing agreement will boost Egyptian efforts in developing a green economy. The Egyptian government had launched a sustainable development policy in 2016. This policy is being implemented in partnership with the United Nations Environment Programme (UNEP). The Centre for Environment and Development for the Arab Region and Europe (CEDARE) aims to establish a green economy in the Noth African Country. The policy focuses on four key areas, water, agriculture, waste and energy.
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Egypt is looking to increase the contribution of renewable energy to its electricity mix. The government has set a generation target of 20 per cent grid electricity from renewable energy sources by 2030 and 42 per cent by 2035. To this effect, the country is developing numerous utility-scale solar PV projects. The Benban Solar PB project will add 1.65 MWp to the national grid.
JICA is also one of the financiers of the 200MW Kom Ombo photovoltaic solar project being developed by Saudi independent electricity producer (IPP) Acwa Power. The company is also developing several high-capacity wind power projects in theGulf of Suez.