Egyptian Prime Minister Mostafa Madbouly said that the memorandum of understanding contributes to enhancing the implementation of the strategy Egypt Sustainable Energy 2035; To meet the growing demand for energy, improve efficiency, shift towards renewable energy, and enhance energy security.
He added that the memorandum also contributes to developing clean energy infrastructure, and seeks to provide effective energy storage solutions that meet the needs of both markets. Local and regional, which contributes to promoting sustainable development and achieving environmental and economic goals.
Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Egyptian Minister of Industry and Transport, said that the role of the Industrial Modernization Center in the memorandum of understanding is to provide support in providing data and information related to establishing a factory for energy storage batteries, including investment incentives, taxes, utilities, and providing chains. Local sourcing, providing support in arrangements and discussions with potential local partners and suppliers, as well as providing support in discussions with relevant authorities regarding the required incentives.
The Minister stressed the Egyptian government’s keenness to enhance efforts to efficiently use new and renewable energy sources to meet the state’s needs and within the framework of the Ministry of Industry’s plan to encourage green industries to represent 5 percent of the domestic product by 2030, as well as deepening local manufacturing of new and renewable energy production requirements, especially solar energy. And wind energy.
He pointed out that, according to the memorandum of understanding, the UAE company “Global South Utilities” is committed to providing various means of support necessary for the Chinese “Weiheng” company to complete the feasibility study, as well as coordination between the Industrial Modernization Center and the Chinese company regarding all government incentives required to establish the aforementioned industrial facility.
He explained that, according to the memorandum of understanding, the Chinese company Weiheng is committed to completing the study of establishing an energy storage battery factory with a production capacity of up to 1 gigawatt, with a total investment of 12 million dollars.
