Egypt expects $45bn investments in renewable energy in 10 years

Egypt is expecting $45 billion investments in new and renewable energy in the coming ten years, Investment Minister Ashraf Salman said.

McKinsey Consulting Company has issued a recent study that emerging markets need $60 trillion for investments in the infrastructure, which includes roads, energy, water and basic services, Salman said during the opening of the second conference on energy and investment future in Egypt on Monday.

The Egyptian market has been liberalized to allow the private sector enter the field of electricity production and distribution, while the government focuses on investment in the national grid, the minister said.

A number of agreements on allocating lands were signed during the conference’s opening session between the New and Renewable Energy Authority and a number of renewable energy companies, including Taqa Arabia and Cairo Solar.