EGYPT – The Government of Egypt has announced plans to invest LE447.3 billion (about US$28 billion) in 691 green projects in the fiscal year of 2020/2021 to reduce human impact on the environment, Egypt’s Minister of Planning Hala el-Saeed has revealed..
The minister noted that green projects are environmentally friendly as they are able to reduce pollution, fossil fuel consumption, and have positive impact on environment.
The minister for planning revealed that Egypt had already set aside funds that amounted to LE 36.7 billion in 2020/2021 plan for the projects.
This according to Minister el-Saeed represents, the projects account for 14 percent of the total public investments planned for the year 2020/2021.
The government’s green investment plan focuses on the transportation sector, which absorbs 50% of the planned budget.
The funds have for instance, been allocated by the Egyptian government to be used, among other things, to implement the electric train project that will link the new administrative capital (NAC) to other cities in the country.
The 11 station, 67km long railway line project is being financed to the tune of 67 million dollars by the Exim Bank of China 11 stations.
Upon completion, the railway which is going to be constructed by the China Civil Engineering Construction Corporation (CCECC) will be able to carry 340,000 passengers a day.
On commission, the project is expected to save the government 2.3 billion Egyptian pounds (about US$130 million) in fuel subsidies related to car traffic per year.
It will also reduce traffic on the highway linking the capital to the port city of Ismailia, north-east of Cairo, by 30%.
As part of the $27.6 billion investment plan for green projects in Egypt, the government also plans to continue construction of “Cairo Metro lines 3 and 4 to solve the problem of traffic congestion in Greater Cairo, as well as a monorail project in NAC and the City of 6 October (Giza Governorate)”.
The Egyptian authorities will also focus their green investment programme in the electricity sector, major focus being put in the production of renewable energy.
Funding will be allocated specifically to a 25 MW wind power project in the Gulf of Suez, as well as to the construction of the Zaafarana solar photovoltaic power plant.
With an expected capacity of 50 MWp, the project being implemented by the German company Belectric is estimated to provide 90 million kW/h of electricity per year.
The project is also expected while to reduce Carbon dioxide emissions by 50,000 tons annually.
Over the same period, the Egyptian authorities note that they will save 18,000 tonnes of oil, a fossil fuel used to run thermal power stations, once the wind power project is commissioned.
Egyptian Minister of Planning and Economic Development Hala El-Said also indicates that 30% of the funds dedicated to green projects will be invested in the housing sector, mainly in the new cities under construction in Upper Egypt.
Finally, waste management will be included in the Egyptian government’s investment programme, with the aim of strengthening solid waste management and the efficiency of the cleaning system throughout Egypt.
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