Peta Gavikic, chief economist at the economic growth stage in Economic Development, said economic development, economic development, economic development, economic development in Europe, as well as looking at the increased use of renewable energy, such as green hydrogen and buying it from Egypt.
In her speech during the symposium organized by the Bank to launch the 2021/2022 transition report, she added that Egypt’s very good geographical location makes it an important source of renewable energy production, and this matter will serve it more in the future. Renewable and green energy projects She stressed that Egypt’s increased implementation of renewable and green energy projects makes it attractive to European investors, noting that the world is currently facing what she called a “great darkness” in light of the ongoing conflict between Russia and Ukraine, which has cast a shadow over grain prices in global markets, especially wheat and corn. At the present time, the price of wheat has reached unprecedented levels since 2008; As a result of the suspension of shipping operations in the Black Sea.
Rising prices of agricultural production inputs :
She pointed out that this crisis also led to an increase in the prices of agricultural production inputs, including fertilizers and fertilizers. This will affect farmers, who are likely to rely less on these fertilizers, and thus agricultural production will be affected this year in general. She noted that Ukrainian farmers were also affected by their inability to continue farming in light of the current war. In a related context, she said that Egypt has done well in light of the outbreak of the Corona epidemic.
The European Bank for Reconstruction had said in its first economic forecasts issued a few days ago to determine the effects of the outbreak of the Russian-Ukrainian crisis on its areas of work, that there is a positive impact of the war that is reflected in the new opportunities for gas exporters in the southern and eastern Mediterranean, but also there is a negative impact on the tourism sector. and supply chains in countries with a sectoral focus. On the positive side, changes in global gas markets may create (long-term) opportunities for potential gas exporters in North Africa, specifically Algeria, Egypt and Libya, if Europe becomes more actively involved in facilitating access to gas pipelines, the bank said.
Mediterranean Green Hydrogen Partnership :
The Executive Vice President of the European Commission, Frank Timmermans, said in a tweet on his Twitter account that he met during his recent visit to Egypt with Prime Minister Mostafa Madbouly and other Egyptian ministers to discuss the Mediterranean Green Hydrogen Partnership and additional LNG supplies. The European official added that it was agreed to move quickly to expand cooperation between the European Union and Egypt on climate action and the transition of clean energy.