China Energy Engineering Corporation plans to invest $1bln in Egypt over 5 years

During his meeting with Prime Minister Mostafa Madbouly on the sidelines of the Shanghai Cooperation Organization (SCO) Summit in China, Zhen Ni, Chairman of China Energy Engineering Corp, unveiled the company’s plans to invest in seawater desalination projects in Egypt.

Zhen noted that China Energy’s investments align with its efforts to boost green development and cut carbon emissions. Therefore, he proposed cooperation in the fields of water desalination, renewable energy, and energy storage, enabling Egypt to become a hub for the company's operations in the region.

On his part, Madbouly affirmed that the government plans to produce 42% of its energy from renewable sources by 2030. The state also intends to store energy.

The Prime Minister expressed his hope that the company would help Egypt localize renewable energy components, especially with its demand ranging between 5 and 6 gigawatts (GW) annually. This is, along with the demand for energy exports to Europe, which is a priority for Egypt.