Consortium led by UAE's Masdar plans to construct a 10 billion USD wind farm in Egypt | Zilla Capital

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08 Jun 2023

Consortium led by UAE’s Masdar plans to construct a 10 billion USD wind farm in Egypt

Consortium led by UAE’s Masdar plans to construct a 10 billion USD wind farm in Egypt. A consortium led by Abu Dhabi’s Masdar is set to build a 10 billion USD, 10-gigawatt wind farm in Egypt, which will be one of the world’s largest. The project is expected to generate 47,790 GWh of green energy annually, decrease Egypt’s carbon emissions by about 9%, and save 5 billion USD in natural gas costs each year. This aligns with Egypt’s goal to increase renewable energy to 42% of its total energy mix by 2035. (Arab Finance)

Egypt advances 965 health sector projects valued at 91 billion EGP.
Egypt has renovated and carried out 965 health-related initiatives, investing a total of 91.31 billion EGP, according to Health and Population Minister Khaled Abdel Ghaffar. In his speech at the second edition of Africa Health ExCon, he stated that the country's future plans include the development and establishment of 53 hospitals in 2023 for 27.909 billion EGP, constructing three hospitals in 2024 for 14.1 billion EGP, and building 14 more hospitals in 2025 with an investment of 19.56 billion EGP. (Arab Finance)
MSMEDA and Egypt Post join hands to boost MSMEs.
The Micro, Small and Medium Enterprises Development Agency (MSMEDA) of Egypt has formed a partnership with Egypt Post to foster the growth of micro, small, and medium-sized businesses (MSMEs). The agreement will make MSMEDA's services accessible at postal offices nationwide. These services involve accepting reconciliation applications for projects and offering cash handling services, according to Basel Rahmy, the CEO of MSMEDA. Additionally, in the future, a network will be established between MSMEDA's nationwide branches and the post offices to expedite operations. (Arab Finance)
Al-Etribi: Banks have made significant strides in promoting financial inclusion.
Chairman of the Federation of Egyptian Banks, Mohamed El-Etriby, reported that under the guidance of the Central Bank of Egypt, a dedicated committee has been formed to promote financial inclusion. He emphasized that banks have made significant efforts in fostering financial inclusion and transitioning to a cashless economy, which has led to increased banking activities and financial inclusion initiatives. (Al Mal)
World Bank lowers Egypt's economic growth forecast.
The World Bank has revised down its growth forecast for Egypt for the upcoming fiscal year 2023-2024 to 4.0% from its previous prediction of 4.8%, as stated in its Global Economic Prospects report. The revision, attributed to persistent economic challenges, aligns closely with the government's own projection of 4.1% growth for the same period. The World Bank anticipates economic acceleration to 4.7% in the following year. (Enterprise)
Egypt and Germany pen agreement to execute CBUID project.
Egypt and Germany have agreed to carry out the Capacity Building through Urban Infrastructure Development (CBUID) project in Egypt. The project, funded jointly by the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Union (EU), aims to foster sustainable and climate-friendly cities. According to the agreement, four NGOs have been chosen to enhance public utilities in the country, as reported by the German Embassy in Cairo on June 6th. (Arab Finance)
Egypt increases gas buying price from two companies from China and Tunisia in the Western Desert.
The Egyptian government has decided to increase its natural gas purchase price from two companies, HBS from Tunisia and NPIC from China, operating in the Western Desert concession areas, according to a well-informed government official. The government has raised the gas supply price by 13%, now paying $3 per million BTUs. (Asharq)
Egypt shortlists 44 domestic and foreign companies for Waste-to-Energy Power Plant Project.
The Egyptian Ministry of Environment has announced that 19 Egyptian and 25 foreign companies have met the financial and technical qualifications to implement waste-to-energy power plants, out of the 92 that applied for the project. In line with the national waste management strategy, the ministry aims to convert 20% of Egypt's annual waste into electricity, representing about 5 million tons. (Economy Plus)
Argentina explores private sector investment possibilities in Egypt.
Argentine Secretary of International Economic Relations, Ambassador Cecilia Todesca, confirmed during a meeting with Egypt's Minister of International Cooperation, Dr. Rania Al-Mashat, that Argentina is actively looking into private sector investment opportunities in Egypt. Todesca highlighted Argentina's intent to bolster the role of the private sector in driving development and stimulating investment and trade. This initiative will be carried out via upcoming missions to Egypt that will involve business delegations and trade missions. (Economy Plus)
El-Sisi embarks on trip to three African nations to strengthen relations.
President Abdel Fattah El-Sisi has embarked on a diplomatic trip to Angola, Zambia, and Mozambique, according to the Presidential Spokesman's statement on June 6th. This tour underscores Egypt's commitment to enhancing ties with its African counterparts, and is aimed at increasing economic, trade, and investment collaborations, stated Presidential Spokesman Ahmed Fahmy. (Arab Finance)