Egypt to provide 3bn pounds guarantee for desalination plants – minister

Egypt’s Finance Ministry will provide a guarantee worth 3 billion Egyptian pounds ($188.3 million) to the Holding Co. for Drinking Water and Wastewater, Minister Mohamed Maait said on Wednesday.

SAubmitting a guarantee to the company in implementation of Law No. 168 of 2020 regarding permission for the Minister of Finance to guarantee the firm, which was recently approved by President Abdel Fatah al-Sisi, Maait added.

The guarantee will contribute to providing the funding for implementing water desalination projects in Hammam areas in Matrouh, Safaga, Quseer, and Red Sea, in a manner consistent with the state’s plan to maximise the utilization of available water resources using the latest technological mechanisms, and improving services provided to citizens.

The government aims to attract many investment activities in these areas in addition to serving the projects already established in them, at the top among them; the tourism activities that are the first beneficiaries of these services.

The ministry’s keenness to provide the financing needs for projects that have been approved by the state development plan to ensure that it is implemented according to the specified timetable, in a way that citizens feel the fruits of economic reform.