El Sewedy To Invest 350 Mln In Niger’s Power Project

Egypt’s El Sewedy Electric Co. (SWDY.CA) has revealed plans to enter Niger’s market by investing about $350 million in fiber optic and power transmission projects, the group’s vice president said.

Sewedy, which has operations in about 15 African countries, signed an accord with nationalized telecoms firm Sonitel to help the Niger company modernize its infrastructure before a planned privatization, Niger’s government said in a statement.

“We aim to invest more than $350 million in Niger, specifically on a proposed fiber optic project and also on power transmission,” Hazem El Haddad, Sewedy Head of Business Development, said on Niger state television.

Sewedy is the Arab world’s biggest listed cable maker. The company manufactures and sells integrated energy products and services in seven energy segments.

In 2010, Elsewedy Cables renamed itself Elsewedy Electric; reflecting its recent portfolio diversification of energy products and services.

In May this year, Niger’s parliament voted to nationalize Sonitel.

The company had been controlled by a Chinese-Libyan consortium but the government scrapped that deal in 2009, partly because of a lack of investment.