By: AGBI

Egyptian company Elsewedy Electric will invest nearly $2.5 billion in renewable energy and other projects in Algeria under an agreement signed on Monday.

The capital will expand Elsewedy’s investments in the gas-rich North African country to nearly $3 billion, its manager Awad Al-Halwani said.

He told the Algerian state news agency that the company is also negotiating with the Algerian government for the establishment of 10 other projects during 2025-2026.

“We will launch these projects once we obtain approval from the Algerian government. The agreement signed today covers renewable energy and manufacturing of raw materials,” Al-Halwani said after signing the deal with the Algerian Investment Promotion Agency (AIPA) in Algiers.

Elsewedy already has a subsidiary in Algeria involved in the production of cables and power generators.

Algeria has launched a drive to attract capital in line with IMF recommendations to diversify its economy.

A new law to facilitate capital has sharply accelerated foreign investment in Algeria with total capital of nearly $43 billion recorded in just over two years, official figures showed.

AIPA, which the government created in 2022, reported that it had registered 12,843 projects up until March 2025, with a total value of 5.8 billion Algerian dinars ($43.5 billion).

Algeria is trying to achieve nearly 15 gigawatts of solar power projects in a bid to save its oil and gas wealth for export.