JBIC seeks to enhance investments in Egyptian electricity sector

CAIRO – 14 May 2019: Main Representative of the Middle East region of the Japan Bank for International Cooperation (JBIC) Kohei Toyoda praised the depth of the Egyptian-Japanese relations, expressing his country's desire to support, enhance and strengthen these relations.

Toyoda also praised the achievements that the Egyptian electricity and renewable energy sector achieved in a short period, expressing his country's desire to enhance cooperation with companies in various fields of electricity, especially in the field of renewable energy.

He pointed out the importance of Egypt's geographic location and its distinguished position among countries, stressing his keenness to strengthen cooperation as the Egyptian market will become a gateway to the African market.

This came during Toyoda’s meeting with Egypt’s Minister of Electricity and Renewable Energy Mohamed Shaker where they discussed means to support and strengthen cooperation in the electricity and energy sector.

Shaker said in a statement that the meeting was an affirmation of Egypt's continuous efforts to build bridges of cooperation between the two countries and encourage investment in Egypt. The Egyptian electricity sector seeks to open new markets to attract investors.

The minister praised the Japanese companies, pointing out that they are reliable partners for the Egyptian people and play a big role in contributing to the projects of the electricity sector, including the production stations, transmission and distribution networks and renewable energy projects.

He pointed out to the sector's strategy to expand renewable energy projects and encourage the private sector to invest in this area.

He added that the electricity sector tends to implement all projects through the auction mechanism, which will achieve the highest benefit through obtaining the lowest prices, which helps the investor to participate in projects with greater transparency and competitiveness.

Shaker further stressed the availability of many opportunities of investment in Egypt in many fields, especially after Egypt has gone a long way in the path of economic, social and structural reforms in various sectors and has worked to create a more attractive environment for domestic and foreign investment.