Egypt to spend $1.4B over two years to develop electricity grid

CAIRO - 30 May 2018: Egypt has set aside 25 billion Egyptian pounds (around $1.4 billion) to be spent over two years on developing the country’s electricity network, the electricity minister said on Wednesday.

The minister, Mohamed Shaker, told reporters the government had agreed on a loan worth 60 billion Kuwaiti dinars (around $200 million) from the Kuwait-based Arab Fund for Economic and Social Development to build three new converter stations.

He gave no further details.