Arab Finance: Egypt’s Cabinet has granted Nefer Minya Renewable Energy the golden license to develop a $750 million solar power plant in Minya Governorate with a generation capacity of 1,000 megawatts (MW) and a 600-megawatt-hour (MWh) battery energy storage system, as per a statement.
The project will span 20 square kilometers in the West Nile area of Minya and is scheduled for completion by September 30, 2027.
Around 2,500 engineers, technicians, and workers are expected to be employed during construction, with further jobs to be created once operations begin. The facility is designed to reduce carbon emissions by one million tons annually while taking into account environmental considerations and the sustainable use of natural resources.
In a separate decision, the Cabinet approved the establishment of Sky Nova for Leather Manufacturing, Trading, and Tanning as a new project operating under Egypt’s private free zone system.
The $12 million facility will manufacture a range of leather products on a 30,000-square-meter site in the leather city of Al-Rubiki in Badr City, Cairo Governorate. Operations are scheduled to begin on September 1, 2027.
The project will combine international expertise in leather processing and footwear production with Egypt’s industrial capabilities in the sector. It will also seek to transfer advanced technology, develop workforce skills, expand manufacturing and exports, and support industrial diversification.
Sky Nova plans to employ about 1,000 workers, including 900 Egyptians across specialized positions, and source 45% of its production inputs locally. The facility is expected to manufacture around 2.5 million pairs of shoes annually.
Projected exports are estimated at approximately $148.4 million between the fourth quarter of 2027 and 2032.
On the education front, the Cabinet approved a draft presidential decree covering a partnership agreement between Egypt and the French Development Agency (AFD). The agreement provides a €2 million AFD grant to the Ministry of Education and Technical Education for the second phase of a technical cooperation project supporting French-language instruction as a second foreign language in Egyptian public schools.
The second phase will build on the earlier stage of the program, which focused on updating teaching methods and strengthening students’ language skills. It is also intended to support the project’s modernization and long-term continuity in line with Egypt’s education priorities and bilateral cultural and educational cooperation with France.
The Cabinet also set the interest rate applied to land installments for real estate developers and other investment projects at 12% for one year. The measure covers real estate, agricultural, tourism, service, and other projects in new cities and across all state jurisdictions.
The decision is intended to help developers and investors meet land-financing costs as part of government measures to facilitate investment procedures, attract capital, and support urban development.
