Minister of Planning, Economic Development, and International Cooperation Meets with the Norwegian Ambassador and CEO of "Scatec" to Discuss Efforts to Enhance Investments in Renewable Energy and Green Transformation in Egypt

"Al-Mashat": A key role for development finance and blended financing mechanisms from development partners in driving Scatec's renewable energy investments in Egypt.

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, received the Norwegian Ambassador to Cairo, Hilde Klemetsdal, and CEO of the Norwegian company Scatec, Terje Pilskog, following the launch of the 2nd progress report for the country platform of the "NWFE" program. The two sides discussed the future of Scatec's investments in Egypt, aligned with Egypt’s vision to drive the transition to a green economy and increase reliance on clean energy.

At the beginning of the meeting, the Minister of Planning, Economic Development, and International Cooperation welcomed the Norwegian Ambassador and Scatec officials, emphasizing the government's keenness to strengthen the partnership with Norway to increase investments in green economy transition and clean energy sectors.

 H.E. Dr. Al-Mashat pointed out that the launch of the 2nd progress report for the "NWFE" program, which includes new projects for Scatec, reflects ongoing coordination and commitment to strengthen cooperation in implementing the shared vision for green transformation.

H.E. Dr. Al-Mashat confirmed that Egyptian-Norwegian relations have witnessed significant development, particularly following the recent visit of H.E. President Abdel Fattah El-Sisi to Norway. The visit included productive discussions on increasing investments between the two countries and enhancing economic relations, particularly in the renewable and green energy sectors. 

H.E. Minister Al-Mashat also highlighted that the Egyptian government has taken several steps to create an investment-friendly environment for the private sector, and to implement attractive structural reforms, particularly in the renewable energy and green transformation sectors.

H.E. Dr. Al-Mashat explained that the inclusion of new projects for Scatec in the "NWFE" program platform enhances joint efforts to provide innovative financing mechanisms from multilateral and bilateral development partners, mobilizing blended finance for these projects. This will reflect positively on increasing investments in green transformation areas and strengthen Egypt’s position as a regional hub for green energy. 

H.E. Dr. Al-Mashat also noted that Egypt is working with the European Union to activate an investment guarantee mechanism worth €1.8 billion, which will provide additional financing tools for both local and foreign private sector investments in Egypt.

H.E. Minister Al-Mashat emphasized the pivotal role of development finance and blended financing mechanisms from development partners in driving Scatec’s renewable energy investments in Egypt.

In this context, the Norwegian Ambassador and Scatec officials expressed their gratitude to the Minister of Planning, Economic Development, and International Cooperation for her efforts in implementing "NWFE" program projects and providing financing mechanisms for Scatec’s projects in Egypt.

The CEO of Scatec presented the company’s future investment plan in Egypt and its contribution to Egypt’s vision for expanding green hydrogen production, as well as the progress of ongoing solar energy projects and the green ammonia production project in Damietta, among other projects. He noted that Egypt's expansion in renewable energy and green fuels projects enhances its status as a leading regional country in energy production and exports.

It is worth mentioning that during the launch of the 2nd progress report for the "NWFE" program, H.E. Dr. Mostafa Madbouly, Prime Minister, witnessed the signing of a framework agreement between H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Mr. Terje Pilskog, CEO of Scatec, to include Scatec’s renewable energy projects in the "NWFE" program. Scatec also signed an energy purchase agreement with Egypt Aluminum Company to establish a 1 GW solar power plant to provide clean energy for the Aluminum Complex in Nagaa Hammadi.

H.E. Dr. Al-Mashat Meets with the Norwegian Ambassador and CEO of "Scatec" to Discuss Efforts to Enhance Investments in Renewable Energy and Green Transformation in Egypt