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Italgen and the leading Italian business delegates visit Egypt for investment opportunities

Italgen and the leading Italian business delegates visit Egypt for investment opportunities

10/03/2015

An Italian Delegation of about 90 Italian Companies, among whom Italgen, 5 Business Associations, 5 Banking Groups totaling almost 190 participants visited Cairo from 22th to 24th February with the aim of deepening the business opportunities offered by the Egyptian market, not only in terms of trade but also of industrial partnerships in the fields of mechanical engineering, renewable energy and infrastructure.

The initiative was the opportunity to strengthen the strategic partnership with Egypt at a time in which the country is opening a new phase of growth and development. The mission, promoted by the Ministries of Economic Development, Foreign Affairs and International Cooperation, was organized by the leading Italian Entrepreneurial Association (Confindustria), the Italian Trade Commission (ICE), the Italian Banking Association (ABI), the national Chambers of Commerce, Industry and Crafts (Unioncamere), and other relevant Institutions.

The Italian Delegation, led by the Deputy Minister of Economic Development Carlo Calenda, met on  February 23rd President Abd al-Fattah al-Sisi and the Egyptian Ministers: Mounir Fakhry Abdel Nour, Minister of Industry and Commerce, Ashraf Salman, Minister of Investments,  Naglaa Al Ahwany, Minister of International Cooperation and Mohamed Shaker, Minister of Electricity and Renewable Energy.

 

During the meeting Mr Giuseppe De Beni, Managing Director of Italgen, has illustrated Italgen’s wind farm project in Gulf El Zeit - Red Sea Governorate (320 MW), the first private project in the renewable energy field in Egypt, compliant with the country's energy plans to provide a strong boost to renewable energies.

The project is meant to be developed into 2 phases: phase 1 (120 MW) and phase 2 (200 MW).


With an investment of about 200 million dollars (phase 1), the wind farm is expected to produce 500 GWh per year, equal to the electric consumption of about 280,000 Egyptian households, saving about 250,000 tons of CO2.

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