FOCUS on EGYPT 2022
From a glorious past to a sustainable future
Egypt is at the forefront concerning sustainable economic development in Africa. Indeed, the Pharaoh’s country has attracted many investments that could permeate to other African countries, making Egypt a capital distributor among other neighbouring countries. Several international and local financial institutions, such as AfreximBank are focusing their green investments in Egypt and Africa, as the expected gains are exponential, due to the structural opportunities present in many of these countries. These opportunities are strong drivers of the widespread adoption of sustainable discourse in Africa.
In the energy sector, there are many developments and substantial projects to be explored and funded. As a consequence of the situation in Europe and the uncertainty that the Ukrainian war has generated in the global energy markets, generating tensions and energy shortages, Egypt stands as an exception to this uncertain situation. Indeed, Egypt could realise the goal of becoming the energy hub for neighbouring MENA and European countries. According to recent statements by the Egyptian minister of Petroleum and Mineral Resources, Tarek El-Molla, the gas reserves in the Eastern Mediterranean can prove to be vital for ensuring energy security in the region. Egypt could become a net energy exporter to Europe in the upcoming years while developing a dynamic local market, driven by sustainable economic development.