Egypt strengthens power sector
Initially, 58 factories, requiring an investment of $2.5 billion will be constructed. In the second stage, 112 factories requiring investments of $1.9 billion will be constructed.
Industrial training for 600,000 persons will be necessary, extending the investment in nonoilrelated sectors to $3.7 billion and giving the construction industry a $6.8 billion boost. Egypts Ministry of Trade and Industry recently announced the plan.
The Ministry of Electricity and Energy will be responsible for helping develop additional power generation capacity to cope with the increased demand for energy. In the next fiveyear plan 201217, 14,500 megawatts MW are planned to be constructed, according to Dr. Hassan Younis, minister of electricity and energy.
In March, the Ministry of Electricity and Energy announced plans to develop two power plants with a combined capacity of 2,250 MW and requiring total investments of $2.2 billion. The 750MW Banha combinedcycle power plant and the 1,500 North Giza power plant will be financed locally, with the cooperation of the Islamic Bank and other Arab financing committees.
Also in March, the Egyptian government signed an agreement with Japan to finance a 220MW windfarm in the Gulf of ElZiet through a $432 million loan. A $105 million agreement was signed with the Kuwaiti Fund for Development to finance the 1,300MW Ain AlSukhna steam power plant. All of these power plants are scheduled to begin operating by 2017.
Related News
Europe's Renewables Are Crowding Out Gas as Coal Phase-Out Slows
LONDON - The European Union’s renewable energy sources are helping reduce its dependence on natural gas that’s still costing the region dearly.
Renewables growth has helped reduce the EU’s dependence on gas, which has soared in price since the middle of last year as the region grapples with a supply crisis that’s dealt blows to industries as well as ordinary consumers’ pockets. More than half of new renewable generation since 2019 has replaced gas power, according to a study by London-based climate think tank Ember, with the rest replacing mainly nuclear and coal sources.
“These are moments and paradigm shifts when governments…
