Lekela Egypt to direct most of investments to Egypt during next period

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Wed, 29 Jul 2020 - 04:16 GMT

Electricity power lines- REUTERS-Pascal Rossignol

Electricity power lines- REUTERS-Pascal Rossignol

CAIRO – 29 July 2020: Lekela Egypt intends to direct most of its investments to Egypt during the next stage; as part of the company’s plan to invest an additional 500 MW in Egypt, General Director of the company Faisal Essa, said Wednesday.

 

Essa added in a statement that the company’s current  investments in Egypt amounted to about $350 million, represented in the "West Bakr" wind energy project with a capacity of 250 MW in the city of Ras Ghareb.

 

This came during a meeting between CEO of the General Authority for Investment and Free Zones Mohamed Abdel Wahab, and Genral Director of Lekela, which is one of the largest companies to generate electricity from renewable energy and focuses its investments in the African continent.

 

He explained that the company has made notable progress in the construction works of the project, and the company has also committed to its societal role during the new Coronavirus epidemic crisis by supporting economic and social development and providing protection requirements for affected families.

 

For his part, Mohamed Abdel-Wahab stressed the importance of the measures taken by Egypt to improve the investment climate, the legislative and institutional reforms that the government has undertaken that have resulted in improved economic indicators for the Egyptian economy and the measures the government is currently taking to enhance the competitiveness of the Egyptian economy and improve production.

 

The CEO of the General Authority for Investment and Free Zones pointed to the importance that Egypt occupies as a gateway to the continent of Africa and the most attractive to invest in during the past years.

 

He stated that the General Investment Authority is closely following the implementation steps of major projects and working to overcome any challenges that affect the timetables for implementing investment projects in Egypt.

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