(MENAFN- Daily News Egypt) Egypt's Prime Minister Mostafa Madbouly declared during his weekly press conference on Thursday that there will be no return to load shedding or power cuts, while also outlining a range of other government initiatives, including investment plans and development projects.
He recent concerns regarding potential power cuts, reiterating the government's commitment to ensure a consistent energy supply. He stated that there will be no further power cuts or load-shedding.
“We have secured more than $2.5bn to guarantee sufficient fuel supply for the summer,” he said, explaining that the government had initially allocated $1.18bn for this purpose but needed to increase the amount to ensure uninterrupted power.
He explained that the government is working to ensure a steady supply of fuel throughout the year, aiming to prevent the need for significant summer spending on fuel imports. Madbouly also mentioned the planned addition of 4 gigawatts of renewable energy (solar and wind) next year and the allocation of EGP 7bn to the Ministry of Electricity to improve the distribution and transmission network to accommodate the new energy sources.
The Prime Minister also stressed the importance of the planned electricity interconnection with Saudi Arabia, which will allow the two countries to share loads during peak hours. He confirmed that talks are ongoing with Saudi authorities and that they are working towards completing the first phase of the project before next summer.
Madbouly addressed the recent train accident in Zagazig , expressing condolences to the families of the victims and wishing a speedy recovery to those injured.
He acknowledged public scepticism about the government's investment in the rail system, noting that the infrastructure had been neglected for decades, requiring significant effort to modernize.
He highlighted ongoing upgrades to the rail lines, rolling stock, and control systems, including the electrification of signalling towers. The accident occurred at a tower scheduled to be upgraded to an automated system in November, which would have eliminated human error.
“While we are moving forward with modernization, if, God forbid, a human error leads to a malfunction, such accidents can still happen,” Madbouly said. He assured the public that the government is accelerating efforts to fully modernize the system to prevent future accidents.
Turning to the topic of investment, Madbouly emphasized the government's commitment to attracting foreign direct investment. He highlighted the recent visit of German Chancellor Olaf Scholz to Egypt, during which several projects were signed, and a delegation of German companies expressed interest in major projects in industry and development. Scholz visited a station on the high-speed rail line being constructed by Siemens, praising the project as a symbol of Egyptian-German cooperation.
Madbouly then discussed his recent visit to Saudi Arabia, where he met with Crown Prince Mohammed bin Salman and discussed encouraging Saudi investment in Egypt.
He highlighted the progress made on a joint investment protection and promotion agreement between the two countries, which will help facilitate investment and streamline dispute resolution processes. He also noted the substantial Egyptian investments in Saudi Arabia, including over 5,700 Egyptian companies operating in the Kingdom, with projects valued at SAR 70bn.
Madbouly outlined the government's plans to attract further foreign investment, including a $5bn investment by the Saudi Public Investment Fund in various sectors, and expressed confidence that additional investments will be secured from the Saudi private sector.
Madbouly addressed concerns about gas production, affirming that Egypt has sufficient gas reserves. He attributed any recent production disruptions to delays in foreign investment in oil fields but assured that production will return to previous levels by June.
The Prime Minister then discussed the government's commitment to the“New Start for Human Development” initiative launched by President Abdel Fattah Al-Sisi, which aims to improve health, education, social solidarity, and urban development. He highlighted the plan to set clear targets with specific deadlines and to monitor progress on a monthly basis.
He concluded the press conference by mentioning the graduation of the first cohort of students from private universities in Egypt and expressed concern about the outbreak of gastrointestinal illnesses in Aswan. He reassured the public that health officials are investigating the cause and have taken steps to ensure the safety of the water supply.
MENAFN19092024000153011029ID1108695030
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.