Cairo – Mediterranean union investment forum of renewable energy began in Egypt on Wednesday aiming to launch several opportunities in the field of renewable energy in the Euro-Mediterranean region, enhance cooperation on energy and climate actions, and create a more active involvement of the private sector in the regional-European-Mediterranean collaboration.
Egyptian Minister of Electricity and Renewable Energy Mohamed Shaker el-Markabi, Egyptian Minister of Investment and International Cooperation Sahar Nasr inaugurated on Wednesday the forum at the presence of Portuguese Secretary of State for Energy Jorge Seguro Sanches, Secretary General of the Union for Mediterranean (UfM) Fathallah Sijilmassi, official representatives, international financial institutions and private sector investors.
Minister Nasr said that the Electricity Ministry reforms in the energy field, including feed-in tariffs, contribute in attracting the investors to invest in the renewable energy, as well as in attracting a number of development partners such as the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB).
She added that a renewable energy strategy has been followed through diversifying energy sources and allocating subsidies for the field.
“Renewable energy projects include providing job opportunities and contributing to achieving the sustainable development goals,” according to Nasr.
Nasr stressed that there are huge regional cooperation opportunities, human and natural resources and huge markets that qualify the region to integrate more with the European partner.
On the other hand, the Minister of Electricity said that the energy strategy will link between Egypt, Asia, Africa, and Europe.
Minister Markabi highlighted the importance of the role played by the private sector and the Euro-Mediterranean cooperation in the fields of renewable energy and energy efficiency.