Egypt to spend $1.4B over two years to develop electricity grid

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Wed, 30 May 2018 - 01:11 GMT

BY

Wed, 30 May 2018 - 01:11 GMT

File - Minister of Electricity and Renewable energy Mohamed Shaker

File - Minister of Electricity and Renewable energy Mohamed Shaker

CAIRO - 30 May 2018: Egypt has set aside 25 billion Egyptian pounds (around $1.4 billion) to be spent over two years on developing the country’s electricity network, the electricity minister said on Wednesday.

The minister, Mohamed Shaker, told reporters the government had agreed on a loan worth 60 billion Kuwaiti dinars (around $200 million) from the Kuwait-based Arab Fund for Economic and Social Development to build three new converter stations.

He gave no further details.

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