Monday 29 June 2020
Last update on Monday, June 29, 2020 At 7:39 AM
Half of these funds will go to sustainable transport projects and 30% to the construction of new cities which will benefit from a good part of the transport infrastructure.
The Egyptian government plans to invest 447.3 billion Egyptians pounds, or $ 27.6 billion, in green projects for the 2020/2021 fiscal year. A total of 691 projects will be implemented by the executive, mainly in the transportation and energy sectors, reports Daily News Egypt.
The most important of these projects is the installation of an electric train which will connect the new administrative capital of the country to other cities.
The government also plans to build lines 3 and 4 of the Cairo metro in order to solve the city’s congestion problem. A monorail project is also planned in the new capital as well as in the City of October 6.
In total, the transport sector will concentrate 50% of the investments planned in green projects on behalf of the fiscal year. It is followed by the building sector which will obtain 30% of the funds for the new cities under construction in Upper Egypt.
The energy sector will get 9% of the funding. It is notably planned the installation of wind power stations in the Gulf of Suez as well as a 50 MW solar station in the locality of Zaafarana.
Despite the crisis caused by the coronavirus pandemic, Egypt has already committed 14% of the investments planned for the 2020/2021 fiscal year.
Source Agence Ecofin June 2020
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