Prime Minister Mostafa Madbouly has announced that the Cabinet, in its recent meeting, approved two major renewable energy projects for foreign investors, with direct foreign investment.

The state aims to add more than 4 gigawatts of renewable energy to the Egyptian grid next year, with plans to increase this to 28 gigawatts over the next five to seven years. These efforts are part of the government’s strategy to address a significant portion of the country’s energy challenges.

The Prime Minister made this announcement during his weekly press conference following the Cabinet meeting.

Madbouly also noted that this week featured two significant events in the energy sector. The first was the launch of Egypt’s first voluntary carbon market by the Financial Regulatory Authority, a key development for promoting green energy. The second was the official announcement of the national low-carbon hydrogen strategy, underscoring the government’s strong commitment to this area and its accelerated efforts to advance it.

Source: State Information Service Egypt