CAIRO: Electricity Minister Mohamed Shaker said the ministry has completed reviewing 12 out of 20 project agreements proposed at the Egypt Economic Development Conference (EEDC) in Sharm el-Sheikh in March, Youm 7 reported.
Shaker stressed that among the projects expected to take place is one that would establish a pumping and storing hydropower station with a capacity of 2100 megawatt, located in Ataqa Mountain which sits before the Red Sea. The project will be constructed in collaboration with the Chinese firm Sayno Hydro, and may be funded by a Chinese bank.
Egypt garnered an estimated $35 to 40 billion dollars in investment pledges, but economy experts reckon that successful implementation of these projects will depend on reliable power sources. Cairo suffers from chronic power shortages, with rolling blackouts becoming common during the summer in times of peak usage.