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Focus on Egypt—Suez Signs $3 Billion Green Power Deal; IMF revises growth outlook upwards

CAIRO: Egypt is making efforts towards a green economy, working with media company CNN to highlight its sustainable development and signs a $3 billion deal to produce green energy.

On another note, the International Monetary Fund has revised the North African country’s growth outlook for the current fiscal year up to 5.9%.

Develop green energy

The Suez Canal (Shutterstock)

Egypt’s Suez Canal Economic Zone has signed a $3 billion deal to produce up to 350,000 tonnes of green energy per year at Ain Sokhna to supply ships.

The deal is with a consortium that includes France’s EDF Renewables and Egypt’s sovereign wealth fund, according to the country’s cabinet.

Additionally, Egypt’s Ministry of International Cooperation has partnered with CNN to highlight sustainable development as they collaborate on a new global advertising campaign, it said in a statement.

The campaign, Building Forward: Stories from Egypt, is part of the North African country’s efforts with bilateral and multilateral development partners and international financial institutions to promote an inclusive, digital and green economy.

These steps align with Egypt’s hosting of the 2022 United Nations Climate Change Conference, or COP27, in November in Sharm el-Sheikh.

Finance

Finance Minister Mohamed Maait (File/AFP)

The Egyptian government has formed a committee to restrict foreign borrowing “to very narrow limits”, Al Ahram reported citing Finance Minister Mohamed Maait.

This comes in response to MPs who have expressed concern over Egypt’s growing foreign debt.

The IMF has revised Egypt’s growth for the current fiscal year upwards despite rising food and energy prices.

The lender now expects Egypt’s economy to grow 5.9% in the 2021/2022 financial year, down from 5.6% in its latest outlook in January.

Suez Canal

The Egyptian Suez Canal Authority has signed an initial cooperation agreement with Port Said Co. for Engineering and Marine Construction, one of its subsidiaries, and Alexandria Petroleum Maintenance Co., known as Petromaint.

The agreement aims to open up new opportunities for cooperation between the parties in the oil tank industry and the implementation of all maritime works.