International Cooperation Minister Sahr Nasr stressed on Monday that the country is moving on the right direction to achieve sustainable development as it set a goal to increase its share of renewable energy to 22% by 2020.

Nasr, during a meeting with country director of Scatec Solar company Morten Langsholdt, said the country is trying hard to diversify energy sources and to exploit its massive solar energy resources.

She added that providing an investment-magnet atmosphere and improving business climate are on the top of her ministry's priorities to achieve hoped-for growth rate.

She welcomed Norwegian investments in Egypt in the solar energy domain.

The Norwegian official said the company, in cooperation with a number of investors, the International Finance Corporation (IFC) and European Bank for Reconstruction and Development (EBRD), to pump three billion dollars in renewable energy investments in Egypt.

He noted that 40 solar stations of a 1,800 MW capacity will be set up in Banban area in Aswan and they will be operational in 2018.

Source: MENA