JBIC, Egypt explore cooperation in green fuels and renewable energy

CAIRO - 2 May 2023: The Minister of International Cooperation (MOIC) and The Japan Bank for International Cooperation (JBIC)’s Global President and Head of the Environment and Infrastructure Finance Group met to discuss mechanisms for the strategic partnership for economic and financial cooperation and discusses efforts to empower the private sector.

Both parties signed a non-binding agreement to explore cooperation in renewable energy and green fuels including ammonia and hydrogen.

The agreement also includes other areas of cooperation such as the Nexus for Water, Food and Energy (NWFE) program, the Hayah Karima initiative, carbon emissions reduction and various development sectors.

The bank’s investments in Egypt exceed $1.26 billion for the private sector to implement many projects in various fields, especially renewable energy.

During the meeting, Al-Mashat also highlighted the bank’s contribution to support the efforts of the private sector’s contribution to development projects, where an agreement was signed to implement a project to establish a wind farm with a capacity of 500 megawatts in the Gulf of Zayt region, through cooperation with Sumitomo Corporation Group, worth $281 million.

JBIC’s representative stressed the importance of Egypt as an investment destination for Japan and a gateway to the continent of Africa, noting that Egypt hosting of COP27 last November reflected positively on the interest of Japanese companies in supporting energy projects in Egypt.