Saudi lender Bank Albilad posts 25% growth in Q1 profit

CAIRO: Egypt is setting efforts toward a green economy, as it collaborates with media company CNN to highlight its sustainable development and signs a $3 billion agreement to produce green energy.  

On another note, the International Monetary Fund revised the north African country’s growth outlook upwards for the current fiscal year to 5.9 percent. 

Scaling up green energy 

The Suez Canal (Shutterstock)

Egypt’s Suez Canal Economic Zone has signed a $3 billion agreement to produce up to 350,000 tons of green energy annually in Ain Sokhna to supply ships. 

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

Additionally, the Egyptian 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, comes as part of the North African country’s efforts with bilateral and multilateral development partners and international financial institutions to push an inclusive, digital and green economy.

These moves 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)

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

This comes in response to MPs who voiced concern over the increase in Egypt’s external debt.

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

The lender now forecast Egypt’s economy to rise at 5.9 percent in the fiscal year 2021/2022, up from 5.6 percent in its last outlook in January. 

Suez Canal 

Egypt’s Suez Canal Authority has signed a joint cooperation initial agreement with Port Said Co. for Engineering and Marine Construction, one of its subsidiaries, and the Alexandria Petroleum Maintenance Co., known as Petromaint. 

The agreement aims to open new cooperation opportunities between the parties in the petroleum tanks industry and the implementation of all marine works.