Mazghouny & Co advises on the framework agreement for cooperation between Egypt and Norway on clean energy projects in Africa

Mazghouny & Co has assisted Scatec ASA with the framework agreement signed with The Sovereign Fund of Egypt (TSFE) and Norfund (the Norwegian Investment Fund for Developing Countries) for the development of projects for renewable energy generation, green hydrogen production, and the building of green infrastructure in African countries.

Egypt’s Prime Minister Dr Mostafa Madbouly and Royal Norwegian Foreign Minister Mrs Anniken Huitfeldt and Ambassador to Egypt Mrs Hilde Klemetsdal, attended the signing ceremony on 31 March 2022, between representatives of TSFE, Norfund and Scatec.

This falls within the scope of promoting Egyptian-Norwegian ties and awareness of the importance of sustainable development in combating climate change, especially as Egypt gears up for COP27 in Sharm Elsheikh later this year.

The African Development Bank (AfDB) estimates that Africa’s Infrastructure investment needs are an average annual investment of USD 29-39 billion until 2025, depending on the continent’s ambition as to avoided greenhouse gas (GHG) emissions, while an additional USD 190-215 billion is required for the period 2026-2030. The total average annual investment from 2018 to 2030 is estimated at USD 32-40 billion.

Our team is very proud to have contributed to this cooperation framework through the drafting of the agreement, as it contributes to the development of sustainable green infrastructure in a number of African countries.