Cairo: The Cabinet, led by Prime Minister Mostafa Madbouly, has approved several significant investment initiatives, including a $750 million solar power and storage project in West Minya. The project, awarded to Nefer Minya for Renewable Energy S.A.E., is set to generate 1,000 megawatts of solar energy and store 600 megawatt-hours of electricity, with completion targeted for September 30, 2027. It aims to create approximately 2,500 jobs during construction and further employment opportunities during its operation.
According to State Information Service Egypt, the Cabinet also sanctioned the establishment of Sky Nova for Leather Manufacturing, Trading and Tanning S.A.E. in Badr City, Cairo. This private free-zone project, set to begin operations by September 1, 2027, involves an investment of $12 million and is expected to produce around 2.5 million pairs of shoes annually. The project will provide about 1,000 jobs, predominantly for Egyptian workers, and is projected to generate exports worth approximately $148.4 million by 2032.
In addition, the Cabinet approved a draft presidential decree for a partnership with the French Development Agency to enhance French language education in Egyptian public schools. This initiative, supported by a pound 2 million grant, underscores the commitment of Egypt and France to foster cultural and educational collaboration.
The Cabinet also allocated free state-owned land in Hurghada for an electricity distribution board and sanctioned public-benefit projects across multiple governorates, including fire stations and wastewater facilities, as part of the 'Decent Life' initiative. Furthermore, the Cabinet decided to set a 12% interest rate on installment payments for real estate and investment projects to stimulate urban development and investment.
The Cabinet reviewed land allocation requests for various commercial and residential purposes in new urban communities and approved the minutes from the Ministerial Committee for the Settlement of Investment Disputes. Additionally, exceptional support was granted for a promotional mission to Nigeria to enhance Egypt's higher education exports and attract more Nigerian students through the 'Study in Egypt' platform, reinforcing Egypt's status as a regional education hub.