- Egypt and BRICS have explored ways to enhance cooperation between the Egyptian electricity and renewable energy sector and the bank.
- Shaker outlined the state’s strategy to increase the share of renewable energy in the electricity mix.
Mohamed Shaker, the Minister of Electricity and Renewable Energy and Vladimir Kazbekov, the Deputy Head of the New Development Bank of the BRICS alliance, and his delegation have explored ways to enhance cooperation between the Egyptian electricity and renewable energy sector and the bank. Shaker said that the Egyptian government has implemented several reforms and policies in the electricity sector. He praised the sector’s efforts to improve and develop all services, such as production, transmission, and distribution and expressed his willingness to collaborate with the bank.
He also outlined the state’s strategy to increase the share of renewable energy in the electricity mix, stressing the sector’s focus on diversifying sources of electricity production and using Egypt’s natural resources, especially new and renewable energy sources. The aim is to increase the share of renewable energy in Egypt’s energy mix to more than 42% by 2030. He mentioned various mechanisms to encourage private sector involvement in the sector’s projects, especially in new and renewable energy projects. He said negotiations are underway with investors for competitive solar energy projects, with rates of 2 cents per kilowatt-hour for solar projects and 2.45 cents per kilowatt-hour for wind projects.
Shaker also expressed the sector’s interest in green hydrogen, noting cooperation with global companies to implement pilot projects for green hydrogen production in Egypt. Kazbekov praised the achievements in the Egyptian electricity and renewable energy sector, expressing the bank’s desire to increase investment in Egypt and cooperate with the electricity sector. He confirmed the global entities’ interest in investing in Egypt, considering it a gateway to the African continent. Shaker welcomed cooperation with the bank in renewable energy projects, which serve as alternative energy sources, such as wind and solar energy, green hydrogen, and the localisation of related industries, as well as pumped storage and electrical interconnection.