Energy projects in Egypt reach $16mn

Energy investments in Egypt reached around 150 billion Egyptian pounds (US$16.8 billion), Chairman of energy committee at Egyptian Businessmen’s Association Magd El Manzalawi said Tuesday.

He stated that the government is to reap the fruits of its efforts within a year.

During a press conference held in association’s headquarters, El Manzalawi added that the projects of energy sector within the coming period are set to be financed by African Development Bank,  European Bank, and World Bank.

The official pointed out that the association will allocate lands for investors with usufruct system for 25 years.