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11:41, 29 November 2014 Saturday
Update: 15:45, 18 September 2013 Wednesday

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OPEC to co-finance 3 electricity projects in Egypt
OPEC to co-finance 3 electricity projects in Egypt

The Egyptian government is currently looking into means of reducing a widening electricity production deficit

World Bulletin/News Desk

Electricity Minister Ahmed Imam on Wednesday said that the OPEC Fund for International Development (OFID) had agreed to help finance three major electricity projects in Egypt.

Speaking by phone, the minister told Anadolu Agency that the OFID had agreed in principle to contribute to the funding of the three projects and would formally sign the deal in October.

The minister did not provide details about the size of the fund's expected contributions.

Established by OPEC member states in 1976, OFID is a joint initiative devoted to providing aid to developing countries.

In recent months, Egypt has suffered numerous electricity cuts due to high summertime energy consumption and shortages of the fuel needed to run the country's power plants.

The Egyptian government is currently looking into means of reducing a widening electricity production deficit, which officials put at between 2,000 and 2,500 megawatts daily.

 



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