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Egypt’s Elsewedy Electric Group has signed an agreement with Algeria to invest around $2.5 billion in renewable energy projects.
The EGX-listed company is also negotiating with the Algerian government to set up 10 other projects during 2025-2026, said its general manager.
Awad Al-Halawani, quoted by Algeria’s media on Tuesday, said the projects would be launched once the company obtains approval from the government.
He said the agreement signed with the Algerian Investment Promotion Agency (AAPI) in Algiers on Monday includes renewable energy and manufacturing projects, adding that it will boost the company’s total investments in Algeria to $3 billion.
The company has a subsidiary in Algeria called Elsewedy Electric Algeria, which is a manufacturer of power cables and generators, he noted.
On 9 September, Elsewedy Electric Algeria sealed a $100 million export agreement with Côte d’Ivoire to export locally manufactured cables to Côte d’Ivoire over the course of five years, with annual deliveries averaging $20 million, said dzairtube-dz.com, an Algerian digital media platform.
(Writing by Nadim Kawach & Majda Muhsen; Editing by Sona Nambiar)
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