At the inauguration of the first phase of the Obelisk Solar Power Project, attended by H.E. Dr. Mostafa Madbouly, Prime Minister

Minister of Planning, Economic Development and International Cooperation: Egypt reaffirms its position as a hub for international private sector financing—what we witness today is a vote of confidence in Egypt’s economic future

 

Al-Mashat: COP27 marked a launching point for expanding private sector financing for green projects through the NWFE Platform

The NWFE Platform has mobilized financing for Egyptian and foreign companies, boosting renewable energy investments and strengthening grid stability

International financial institutions have provided USD 625 million in concessional financing for the project inaugurated today

Scatec’s projects have become a model for the strategic partnership between Egypt and the European Union

Financing for development defines the current phase, as international institutions expand partnerships with the private sector

Public investments are being strengthened to prepare the electricity grid to absorb new renewable energy capacities

Egypt’s Narrative for Economic & Social Development: Reforms for Growth, Jobs & Resilience targets increasing private investment to over 70% of total investments by 2030

Increasing private investment as a share of GDP from 6.6% in FY 2024/2025 to approximately 14.4% by 2030

 

H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, participated in the inauguration of the first phase of the Obelisk Solar Power Project in Nagaa Hammadi, Qena Governorate, with a capacity of 500 megawatts, in addition to 200 megawatt-hours of battery energy storage systems. The project is being implemented by the Norwegian company Scatec, with a total planned solar capacity of 1,000 megawatts, in the presence of H.E. Dr. Mostafa Madbouly, Prime Minister, along with a number of ministers.

 

In her remarks during the event, H.E. Dr. Al-Mashat expressed her pleasure at participating in this important occasion, held under the patronage of the Prime Minister and attended by ministers, officials, and development partners. She emphasized that Egypt has firmly established itself as a platform for international private sector financing, noting that what is being witnessed today represents a clear vote of confidence in Egypt’s economic future through effective and strategic partnerships between the government, the private sector, and international institutions.

 

H.E. Dr. Al-Mashat referred to the COP27 Climate Conference, held in November 2022 with the participation of the Prime Minister and Egypt’s partners, highlighting that it marked a pivotal starting point for expanding international private sector financing for key sectors in Egypt—particularly energy, food, and water—thereby supporting the State’s renewable energy efforts and its target of reaching 42% renewable energy by 2030.

 

She noted that through the national NWFE Program platform, significant financing has been mobilized for renewable energy projects and for enhancing electricity grid stability. The platform aims to mobilize financing through various mechanisms for both local and foreign private sector companies operating in Egypt. She stressed that such financing represents a strong endorsement by international institutions of Egypt’s economic future. In parallel, the government continues to provide public investments to reinforce the electricity grid and prepare it to accommodate the renewable energy capacities currently under implementation.

 

H.E. Dr. Al-Mashat explained that international financial institutions have provided approximately USD 625 million in concessional financing for the project being inaugurated today, including USD 150 million from the European Investment Bank, USD 160 million from the African Development Bank, more than USD 100 million from the European Bank for Reconstruction and Development, USD 100 million from the U.S. International Development Finance Corporation, and USD 115 million from British International Investment.

 

She added that alongside private sector financing, it is essential to ensure that the national electricity grid is fully prepared to absorb these new capacities. In this regard, she noted that continuous meetings have been held under the leadership of the Prime Minister to monitor the ongoing grid reinforcement plan.

 

H.E. Dr. Al-Mashat also highlighted the activities of Scatec, which has implemented multiple projects in Egypt and successfully leveraged a wide range of financing instruments from various institutions. She described the company as a strong model for benefiting from the strategic partnership between Egypt and the European Union.

 

She concluded by underscoring that financing for development defines the current phase, noting that international institutions are not only supporting the Egyptian government through budget support or structural reforms, but are also playing a key role in mobilizing private sector participation and increasing investments—an approach the government is committed to further strengthening in the coming period.

 

H.E. Dr. Al-Mashat further emphasized that these efforts contribute to advancing development through Egypt’s Narrative for Economic & Social Development: Reforms for Growth, Jobs & Resilience, which includes dedicated pillars for energy and international cooperation. She noted that the State aims to increase private sector investment to over 70% of total investments by 2030, and to raise private investment as a share of GDP from 6.6% in FY 2024/2025 to approximately 14.4% by 2030.