Monday 9 October 2017
Last update on Monday, October 9, 2017 At 10:42 AM
Hala El Saeed the Egyptian Ministry to planning and administrative reforms announced that the national treasure will contribute to the renewable energy challenge over 670 millions dollars. The investment could dramatically change the energy sector of the country on the 2017-2018 financial year to come.
The energy sector in Egypt has suffered a lot during the economic crisis of the country. The government is now taking measures to endorse the finance of the electricity development inside the country. Other 600 millions will be added by international institutions. The EBRD (European Bank for Reconstruction and Development) has already financed power plant in the past (as the one in the south Sinai governorate) and the institution is willing to carry on the partnership.
During the last financial period (2016-2017) the Egyptian government launched an energetic national plan comprising a 6,8 millions dollars support. The energetic sector constitutes a large source of employment in Egypt. On top of that, the energy domestic demand could only increase as the country has now more than 100 millions people inhabitants.
The government has to elaborate and manage a national plan for the country to be self-sufficient thanks to green energies. Egypt is even considering energy exportation to bail out the state. The Al Sissi government has indeed to honour the public debt of the state coordinated by the International Monetary Fund. Without any promises to pay, the international institution would have to freeze current loans and investments.
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