Egypt to invest EGP 43bln in power sector

Egypt’s new 2021/2022 budget includes a substantial EGP 43 billion financing for the development of the power sector.

The throughput of the power sector is expected to rise by 9% to reach EGP 113 billion, noting that in the financial year 2020/2021 it was EGP 103.5 billion.

The Minister of Planning, Hala El-Said, explained that the power sector is a good indicator for the development of the whole economy as all the other sectors depend on it for their operation.

Said added that the targets for the power sector include a higher production by 7.4% to record EGP 180 billion in the new FY while in 2021/2022 it was at EGP 168 billion.

The power sector shows promise as Fitch Solutions expected the sector to continue to grow during the next 10 years as many power generation projects, including renewable energy are up and running.