Egypt’s Ministry of Electricity has signed preliminary agreements with the Chinese government which may lead to $15bn of investment by Beijing in the Egyptian power sector. The deals were signed late last week during a major trade mission led by Chinese President Xi Jinping who visited Saudi Arabia, Iran and Egypt.
Central to the Egyptian deals are memorandums of understanding (MOUs) with two Chinese engineering firms for construction of coal-fired power plants with a combined capacity of 4.62GW at an expected total cost of $4.64bn. The plants will be built near the port of El Hamarawein, on Egypt’s Red Sea coast. (CONTINUED - 756 WORDS)
