Egypt Signs $2 Billion in Strategic Agreements to Advance Private Sector Growth

Egypt has announced the signing of six major agreements with international development partners, private sector companies, and business associations to accelerate its green energy transition and foster private sector-led economic growth. The deals were unveiled during the “Development Finance to Foster Private Sector-Led Growth & Jobs” conference, hosted by the Ministry of Planning, Economic Development, and International Cooperation under the patronage of Prime Minister  Mostafa Madbouly.

Among the most significant agreements is a $600 million financial close for the Obelisk Solar Power Plant, a 1 GW project that includes Egypt’s first utility-scale battery energy storage system. Developed by the Norwegian company Scatec, the project is supported by a consortium of international financiers including the European Bank for Reconstruction and Development (EBRD), British International Investment (BII), and the African Development Bank (AfDB).

A separate $1 billion power purchase agreement was signed for the 900 MW Shadwan Wind Power project, also led by Scatec, to be constructed in Ras Shukeir in the Gulf of Suez.

Egypt is also breaking ground in battery storage, with the International Finance Corporation (IFC) partnering with AMEA Power to finance the country’s first utility-scale energy storage component within the Abydos Solar Power Plant. These clean energy initiatives fall under Egypt’s NWFE (“Nexus of Water, Food and Energy”) program and support the country’s commitment to achieving 42% renewable energy by 2030.

In parallel, Egypt signed cooperation agreements with 12 key business organizations—including chambers of commerce, industry federations, and bilateral business councils—to expand access to the HAFIZ platform. Launched by the Ministry in 2023, HAFIZ serves as a digital gateway offering over 90 financing and advisory services from 44 international development partners. The platform has attracted nearly 18,000 private sector users to date and has emerged as a cornerstone of Egypt’s efforts to mobilize economic diplomacy and development finance for enterprises of all sizes.

In another milestone, the European Investment Bank (EIB) signed a €21 million investment grant to support the Green Sustainable Industry (GSI) project in Egypt. The project will finance initiatives in pollution reduction, energy efficiency, and industrial decarbonization in both public and private sectors. It complements a broader €271 million funding package signed at the 2024 Egyptian-European Investment Conference and includes support from the EU and the French Development Agency.

Minister Dr. Rania Al-Mashat emphasized that these agreements reflect Egypt’s strong international partnerships and its strategic vision to align development financing with national priorities. The conference brought together top officials from government ministries, global financial institutions, and business leaders, underscoring a unified commitment to sustainable, inclusive economic transformation.