CAIRO: The Federation of Industries demanded a reconsideration of the economic laws and legislation to guarantee the universal use of new and renewable energy in small, medium, and large projects.
Executive Director of the Environmental Compliance Office at the Federation of Industries Ahmed Kamal said Monday that interest in alternative energy in small and medium projects opens the way for its use in other industrial projects, he said during a conference entitled the ‘Future of Environmental Investment Opportunities in New and Renewable Energy.’
Kamal said that his office, in collaboration with the Federation of Industries, adopted a compatibility vision to use new and renewable energy in factories. He explained that support is represented in a soft loan worth 3 million EGP (U.S. $430,000), at 2.5 percent interest, with a one year grace period and four years to pay back the equipment financing.
Director of the energy sector at the World Bank Mohab Hallouda said that the energy problem lies in its sustainability and a lack of legislation that stimulates investment. He explained that the energy sector needs information, and explained that energy providers have to produce it in a sustainable way to bring prices closer to market prices.
Hallouda explained that the bank’s energy fund is running the clean energy system and financing the wind farms in Egypt at cost of 220 million EGP ($31.6 million). He added that they support solar energy plants in the Middle East at a cost of $750 million, and the bank is conducting studies in Marsa Alam in Egypt to produce diesel fuel at a price of $1.3 per cubic meter.
Originally published in Youm7.