Egypt’s Drive to Lure Back Investors who Left during the Arab Spring

The country expects the 1.6 gigawatt solar park it is building in the south of the country to be operating at full capacity in 2019. The $2 billion project, set to be the world’s largest solar installation, has been partly funded by the World Bank, which invested $653 million through the International Finance Corporation. Some parts of the park are already operating on a small scale, while other areas are still undergoing testing.  Egypt aims to meet 20 percent of its energy needs from renewable sources by 2022 and up to 40 percent by 2035. Renewable energy currently covers only about 3 percent of the country’s needs. Most of the foreign direct investment Egypt attracts goes toward its energy sector.

SOURCES: EGYPT INDEPENDENT

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