Cairo – Egypt signed Monday an investment agreement with China for the second phase of the project that aims to increase the capability of the national electricity transmission grid of Egypt.
The agreement aims to resume cooperation efforts between the Egyptian Ministry of Electricity and experienced Chinese electricity companies with a high-level of technology to fulfill power projects worth $1 billion. This comes within the framework of the investment partnership between the two countries, Egyptian Minister of Investment and International Cooperation Sahar Nasr said.
Minister of Electricity and Renewable Energy Mohamed Shaker said that the second phase agreement aims to increase the capability of the national grid, including power production, transmission and distribution, in order to hit the highest level of efficiency.
There’s a deal with China concerning pumped-storage power stations. These would enable controlling the quantity of pumped water in accordance with electricity requirements, Shaker said.
Stressing on the cooperation between the two countries, Shaker said that a joint deal to establish a 1,210 km power grid was made as the first phase of the project. Egypt has cooperated with China in the field of power for three years, he added.
Chinese Ambassador to Egypt Song Aiguo said in May that a $700 million agreement will fund the second phase of the Egyptian electricity grid, revealing further that an Egyptian governmental delegation will participate in China’s new Silk Road One Belt One Road (OBOR) forum.
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