CAIRO: A total of 40 agreements and memorandums of understanding (MOU) with estimated investments of $162.9 billion were signed during Egypt Economic Development conference (EEDC,) which ended Sunday.
Electricity sector claims lion’s share with 15 agreements
The Ministry of Electricity signed 15 agreements totaling an investment cost of some $35.7 billion, claiming the lion’s share of total agreements signed at EEDC, reflecting the priority given to the country’s electricity shortage to meet growing power demands.
Over the past four years, Egypt’s energy crisis has caused almost daily power cuts, with the crisis taking a severe turn for the worse last summer.
The investments varied between constructing power plants run by coal or solar cells.
Five agreements in favor of oil sector
The government also signed five oil and gas deals worth $21.2 billion. Minister of Petroleum Sherif Ismail signed an agreement with Italy’s oil company Eni, injecting investments worth $5 billion to produce 900 million cubic feet of gas in the Mediterranean, the Western Desert, the Nile Delta and Sinai.
A deal of $12 billion was signed Saturday with British Petroleum, a subsidiary of British Gas Group, in the presence of UK Ambassador to Egypt John Casson. On Sunday, another deal worth $4 billion between BG Egypt and the Ministry of Petroleum was signed.
Further, Egypt’s Ministry of International Cooperation signed an agreement with the Islamic Bank of Development to provide $200 million to finance a petrol production unit in Asyut governorate to meet fuel demand in Upper Egypt.
Housing sector attracts investments worth $77 billion
Six agreements with total investments valued at $77 billion were signed to implement a number of mega projects topped by the administrative capital city “Cairo Capital,” in addition to two other projects in New Cairo and October 6 cities.
Six agreements for transportation services
Six agreements were signed between the Ministry of Transport and international companies, to implement projects worth $2.2 billion in ports and railways.
|Sector||Number of agreements||Value of estimated investments|
|Electricity||at least 15||$35.7 billion|
|Oil& Gas||5||$ 21 billion|
|Supply||4||2 agreements worth $6 billion|