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Egypt and Germany sign cooperation agreements worth €320 million

Minister of Investment and International Cooperation Sahar Nasr on Tuesday signed three cooperation agreements with German Minister of Economic Cooperation and Development Gerd Muller and the German Bank for Reconstruction to the value of 320 million euros.

This came during the second round of the Egyptian-German committee for joint cooperation.

The agreements included one on supporting the Egyptian economic reform program to the value of 225 million euros and another one for financing projects to the value of 45 million euros.

A third agreement with the Bank was signed for supporting small scale projects to the value of 50 million euros.

Attending the ceremony were Minister of Electricity Mohamed Shaker and Minister of Environment Khaled Fahmy along with Minister of Education Tarek Shawky


Investment authority okayed free zone in Nuweiba

Egypt’s Minister of Investment and International Cooperation Sahar Nasr has met with Governor of South Sinai Khaled Fouda at the ministry’s H.Q.

Nassr said that the board of investment authority has recently agreed to establish a free zone in Nuweiba, South Sinai province, and to create an investment zone for tourism activities on an area of 8000 feddans, along Sharm El Sheikh.

The ministry has devised a plan to establish a public free zone in each governorate as part of a strategy aiming at maximizing the role of free zones in improving investment climate in the country until 2034, which would enable the investor to easily transport and export his products/ services at the specified time, according to Nassr.

She pointed out that the ministry is keen to support developmental and investing projects in South Sinai.

The meeting discussed the rate of implementing developmental projects in the province as part of Sinai development scheme financed by some Arab funds. South Sinai projects are valued at USD 947 mn.

The convention also discussed investment opportunities in the governorate and investing plans until 2030.


Electricity addresses both Cabinet, Finance to pay foreign companies dues

The Ministry of Electricity and Renewable Energy, has sent a letter both to the Cabinet and the Ministry of Finance, demanding them to quickly let part of the allocations be made to repay dues of the companies, contractors in the ongoing electricity projects.

Ministry’s sources refused to disclose the required value, but stressed that the required amounts come within the scope of electricity subsidies in the current budget, amounting to about 52.8 billion pounds.

Sources also pointed out that the government has not made any allocations to the Ministry of Electricity since the beginning of the current fiscal year.

In previous statements, Minister of Electricity, Dr. Mohamed Shaker announced that the current year's subsidy amounted to 25.8 billion pounds, while in the coming year 2019/2018 it would fall to 43.3 billion pounds , then 31.81 billion pounds during the fiscal year 2019/2020 , and 16.5 billion pounds in 2020/2021.

Ministry of Electricity gets the natural gas - which has a global price of about $ 10 per million thermal units - from the Ministry of Petroleum at $ 3, while the Ministry of Finance bears the price difference.

The required allocations, sources continued, will be directed to repaying part of the cost of the construction of Siemens plant which costs a total of about 6 billion euros, up to about 120 billion pounds, in addition to repaying part of the China’s state grid’s receivables, whose total investments reach about 10 billion pounds , as well as some power distribution and transmission projects.


Rosneft buys 30% of gas field off Egypt

Russia's Rosneft said it has completed a deal to acquire a 30% stake in the Zohr field, the largest gas field in the Mediterranean Sea, from Italy's Eni for $1.125b.

Eni will retain a 60% stake in the field, located off the coast of Egypt.

BP holds the remaining 10% interest.

'Participation in the development of a unique production asset will strengthen positions of Rosneft in the strategic markets of Europe and Middle East,' Rosneft said.


JICA funds solar power plant in Hurghada with $60 million

The Japanese International Cooperation Agency (JICA) has approved funding a solar power plant in Hurghada for $60m after the project was halted for over two years.

Mohamed El Khayat, the chairperson of the New and Renewable Energy Authority (NREA), said that contracting took place with an advisor of the project to establish a solar power plant of 20 mw capacity. The tender will be offered for Arab and international companies to launch the project mid next year. The executive regulations will be completed in February.

He explained that the JICA has completed the project’s feasibility study and provided a $1.5m grant to place equipment in the plant’s location with the aim of measuring the solar emissions to be sure about the project’s feasibility during different times of the year and calculate the expected production at the implementation. Part of the financing is allocated for developing the centres of NREA.

The plant is considered the fifth of its kind after El Koraymat plant of 20 mq capacity, Kom Ombo of 200 mw, Kom Ombo of 200mw, Hurghada of 20 mw with total 280mw capacities.

A source in the Ministry of Electricity revealed that there were negotiations with the JICA that focus on technical cooperation to benefit from the Japanese technology especially in coal-fired electricity generation plants. With the last exchange of expertise being the visit of an Egyptian delegation to Tokyo. The delegation is composed of representatives of the Egyptian Electricity Holding Company, the Ministry of Electricity and the Environmental Affairs agency, with the aim of benefiting from the Japanese experience in the field.

He explained that several Japanese banks agreed to finance a project to enhance the services of electricity distribution companies. It is expected to pay the allocated loan on several portions starting next month.

The Ministry seeks to produce 20% of electricity through new and renewable sources by 2020 through competitive tenders and direct contracting systems in addition to the feed-in tariff projects of 4200 mw, with investments worth $7.5bn.



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