CAIRO: President Abdel Fatah al-Sisi will meet Wednesday with Siemens CEO Joe Kaeser for the second time in a month, as they met during the March Egypt Economic Development Conference (EEDC,) Youm7 reported.
Minister of Electricity Mohamed Shaker will be present at the meeting, as well as presidential adviser Hany Azer to discuss the German company’s future projects in Egypt.
In March, Sisi discussed projects Siemens plans to execute in Egypt, including the Beni Suef 4,400-megawatt power plant scheduled for inauguration in a year and a half. The Upper Egyptian power plant was initially planned to be executed in three years.
Siemens agreed to reduce the profit margin of the project from $2.6 billion to $2.2 billion, according to a presidential statement during the EEDC.
Rolling blackouts in Egypt have become routine in the past few years, especially during the peak usage season in the summer, a crisis largely attributed to fuel shortages.