Egypt will sign final agreements with the German Company Siemens to establish three power stations, Youm7 quoted a source at the Ministry of Electricity Sunday.
Four memoranda concerning the new power stations were already signed between the Ministry of Electricity and the German company on the sidelines of the three-day Egypt Economic Development Conference in Sharm el-Sheikh in March.
The total cost of the stations’ establishment will 50 billion EGP ($6.5 billion,) added the source. The new plants will be built in Beni Suef governorate, Burullus in Kafr el-Sheikh governorate and the new administrative capital.
During the conference, President Abdel Fatah al-Sisi announced Siemens had agreed to reduce the profit margin of one of Beni Suef plants from $2.6 billion to $2.2 billion. The Upper Egyptian power plant is planned to be executed in three years.
For the second time after the conference, Sisi met with Siemens CEO Joe Kaeser during this month.
The new plants aim to overcome Egypt’s electricity crisis amid energy shortages witnessed in Egypt, as well as to create more job opportunities, according to previous statements by the ministry.