Egypt to establish joint-stock firm for power production units

Egypt's economic minister agreed on Monday to establish a new joint-stock Egyptian company responsible for adding power production units, state-owned news agency MENA reported.

The cabinet also discussed the possibility of listing stocks of the yet-to-be established company in the stock exchange.

Egypt has been experiencing one of its worst energy crises in decades caused by poor infrastructure and a growing demand for electricity.

During the March Economic and Development Conference, Egypt signed energy deals and MOUs worth over $40 billion.