Kouchouk: Driving the state's efforts to attract foreign direct investment to Egypt, especially in the field of transition to a green economy

Competitive mechanisms to attract more investments to these projects through the expansion of the system of "partnership with the private sector"

Promoting the use of waste in electricity generation to direct natural gas for higher value-added projects

Full coordination between the Ministries of Finance and Environment in setting priorities and executive mechanisms and making the most of these projects

Dr. Yasmine Fouad: Amending the «Waste to Energy Tariff» is an urgent necessity to attract more investments

“Waste to Energy” supports Egypt's efforts to meet its international obligations and achieve its nationally determined contributions

 

 

 

Minister of Finance, Ahmed Kouchouk, and Minister of Environment, Yasmine Fouad, confirmed in a joint press statement after their meeting that they are keen to encourage the private sector to invest more in waste-to-energy projects within the framework of an integrated economic vision that stimulates an increase in the role, contributions, and investments of the private sector in economic and development activity, in a way that drives the state's efforts aimed at attracting foreign direct investments to Egypt, especially in the field of transition to green economy.

 

"We seek to adopt competitive mechanisms to attract more investments for these projects, whether through expanding the system of participation with the private sector, or through the law regulating public contracting, in a way that enhances the government's efforts to use waste as an alternative to natural gas to generate electricity, in a way that helps direct the state's natural gas resources to projects with higher added value." said Kouchouk.

 

He added that there is full coordination between the Ministries of Finance and Environment to make the most of these projects, and to set priorities and implementation mechanisms while studying the provision of the necessary financial resources to the administrative bodies through which the implementation of projects will be contracted.

 

Dr. Yasmine Fouad, Minister of Environment, stressed that amending the tariff on converting waste into energy is an urgent necessity to attract more investments to this field by providing greater advantages to operating companies and encouraging them to expand their scope of work and attract new companies.

 

The Minister explained that there are three types of waste that are converted to energy: organic waste, sludge, and landfill gases, which contributes to reducing the amount of waste in sanitary landfills, and then reducing the areas of land necessary for the establishment of sanitary landfills. Taking into account that the process of converting waste to energy does not require a large landfill and and that one landfill cell is sufficient, noting that the conversion of waste to energy helps avoid accumulations in the governorates that lead to environmental damage.

 

She added that the decision to amend the tariff rate for the conversion of waste to energy comes within a large package of controls and incentives to encourage the private sector to invest in waste-to-energy projects, explaining that the land necessary for the establishment of projects has been allocated in 8 governorates, and can be implemented gradually over three or four years.

 

She pointed out that the government is working hard to encourage investment in the waste-to-energy sector, as it seeks to amend the tariff price and provide additional incentives for the private sector to motivate investors to enter this field, Pointing out the benefits that accrue to the state from investing in this field, including supporting Egypt's efforts to meet its international obligations and achieve its nationally determined contributions, in addition to increasing foreign investments in the fields of collection, transport and recycling.