Egypt announces new power projects worth $10.9bn

Egyptian Minister of Petroleum and Mineral Resources Sherif Ismail said the ministry is adopting a new strategy that aims to tackle energy shortages and encourage the private sector to invest in new projects to worth $10.9 billion.

Speaking on Tuesday in Cairo to a forum organized by the American Chamber of Commerce and the US-Egypt Business Council, Ismail added the government is adopting a program that aims to achieve sustainable economic development and improve the quality of life for its citizens.

The forum attracted over 170 American businessmen representing 68 major companies.