The Asian Infrastructure Investment Bank (AIIB) announced it plans to increase its investments in Egypt’s renewable energy and water desalination projects.
Yee Ean Pang, Director General, Investments, AIIB, said the bank has participated in financing 11 projects at the Benban solar complex in Egypt.
He expressed the bank’s desire to enhance future cooperation with the electricity sector in various fields of electricity, especially in the field of renewable energy and smart grids, as well as areas of improving energy efficiency.
As well as their willingness to provide their expertise and studies in addition to the exchange of experiences in the fields of water desalination using renewable energy to achieve integration between them and the storage of energy and the use of batteries necessary.
This came during his meeting with Electricity Minister Mohamed Shaker to discuss boosting cooperation between the two sides.
Shaker praised the distinguished relations between the electricity sector and the bank, hailing its funding of electricity projects in Egypt.
He suggests more attention be paid by the electricity sector and renewable energy to attract and encourage investment in Egypt, especially the participation of the private sector in various projects in the electricity sector.
Shaker pointed to the sector’s strategy to expand renewable energy projects and encourage the private sector to invest in this area where the private sector plays an important role in achieving the objectives of the national renewable energy strategy 2035, and the sector succeeded in adding larger capacities of renewable energy, which will reach 6.6 GW by the end of the year. This added capacity will be increased to about 8,200MW after completion of the projects under study
Shaker stressed the importance the sector attaches to the implementation of all development projects with high efficiency and quality, pointing out what the sector is going to develop the transmission and distribution networks and the transition to smart grids.
The minister welcomed the cooperation with the AIIB in a number of fields, including desalination plants, to achieve integration between them and renewable energies, as well as irrigation using integrated systems with renewable energies, increased solar cells at the top of houses and finding the necessary financing for it in accessible ways.
As well as cooperation in the field of electric vehicles and interest in progress and investment in them, related networks, charging stations, and infrastructure related to electric cars.