The Minister of Electricity and Renewable Energy, Mohamed Shaker, met with the Vice President of the New Development Bank (NDB), Vladimir Kazbekov, to discuss ways of enhancing cooperation between the Egyptian electricity and renewable energy sector and the Bank.

Kazbekov expressed the NDB's willingness to increase the volume of investment in Egypt and cooperation between the electricity sector and the bank.

Shaker pointed to the Egypt's strategy that aims to increase the contribution of renewable energy to the electrical energy mix. Egypt seeks to reach the percentage of renewable energy's contribution to the energy mix in Egypt to more than 42% by 2030, he added.

He also expressed Egypt's efforts in green hydrogen sector. In addition to, cooperation with international companies to implement pilot projects to produce green hydrogen in Egypt.

On the sidelines of the COP27 conference, the government signed about 23 memorandums of understanding (MoU) to boost the production of green hydrogen.

Additionally, the minister emphasized the sector's keenness on pursuing electrical connectivity initiatives with neighboring nations and exporting electricity to Europe, with the aim of establishing Egypt as a prominent energy hub within the region.

As 2024 rolls in, Egypt officially joins the BRICS bloc, bringing in a new chapter marked by economic promise alongside Saudi Arabia, the UAE, and others, and is expected to open up new horizons of global influence and investment opportunities.

It is worth noting that the BRICS founding members are Brazil, Russia, India, China and South Africa. Egypt’s membership in the BRICS economic bloc was officially activated in January 2024.