Egypt Announces $1 Billion Investment in Solar Energy

Local and Administrative Development Minister Adel Labib announced that the state will implement a giant project during the coming phase for producing solar energy at total cost of one billion dollars.

The minister's remark came during the inauguration of a conference organized by Alexandria's Chamber of Commerce on Saturday.

The country is in need of establishing development projects to offer more job opportunities for youths, Labib said, adding that Egypt has natural mineral resources that have not been used yet.

Egypt is aiming to receive roughly 20% of its energy from renewable sources by the year 2020, a goal that has been helped in recent years by large projects, such as the 750 MW worth of wind energy currently under development.

Egypt Announces $1 Billion Investment in Solar Energy