Kaco New Energy CEO Kaddour Essersi said that the company targets boosting investments in the Egyptian market by EGP 500m in the coming four years.
Essersi told Daily News Egypt that the company aims to participate in 10 of 36 new and renewable energy projects in Banban.
Essersi added that the company has invested in solar panels.
Kaco New Energy has partnerships with Italian and Chinese companies, in addition to Orascom Construction Industries SAE in Banban.
The Saudi Fund for Development will finance the Kaco New Energy company’s projects in the Middle East, pending a final loan agreement.
“The loan will be repaid over 18 years, including a 3-year grace period in addition to 15 years for repayment,” Essersi said. “The Egyptian pound’s exchange rate is expected to stabilise to expedite administrative procedures and the issuance of licenses to attract more investors.”
He noted that the Egyptian government has to issue clear procedures governing the transference of profits outside the country.
Essersi pointed out that his company has a $5m contract with the Arab Organisation for Industrialization (AOI) for the provision of services and supplies of solar panels.