Egypt, Norway ink agreement for green energy projects in Africa

ArabFinance: The Sovereign Fund of Egypt, the Government Pension Fund of Norway, and Norwegian renewable power producer Scatec signed on March 31^st a framework cooperation agreement for renewable energy and green hydrogen projects in a group of African countries, according to an official statement.

Under the agreement, the three parties will promote cooperation in the development of green energy and green hydrogen utilities and infrastructure projects in Congo, Tanzania, Ghana, South Sudan, Rwanda, Sierra Leone, Burundi, Djibouti, and Uganda.

The protocol also covers collaboration for diversification of energy supplies to foster energy security and develop new sustainable and renewable types of energy.

It includes granting easier access to renewable energy in Africa and sustainable energy technology in a way that helps realize energy efficiency and build relevant competencies.

The tripartite framework agreement provides for the formation of a coordination committee to explore potential investments in targeted countries, and study these projects before financing and executing them.