Egyptian electricity stakes available for purchase
The Egyptian government recently revealed that it intends to make portions of various electricity distribution firms on the bourse available for purchase in the near future.
Egypt’s Minister of Electricity, Ali Al-Saeidy, disclosed that several international companies had expressed interest in becoming strategic investment partners in these firms, according to Al-Hayat daily.
Several foreign enterprises are expected to purchase the companies, as they are capable of implementing state-of-the-art technology in Egypt’s electricity sector.
Currently, authorities are evaluating market values of the stocks in question.
Last month, Al-Saeidy remarked that nearly 4.5 billion Egyptian pounds (about $1 billion) was needed by the nation’s electricity sector for the upcoming fiscal year 2001/2002.
The necessary funds will be provided by the private sector, the government, various Arab investment funds and the European Investment Bank.
Egypt’s electricity generation capacity currently stands at 17 gigawatts: the government plans to add an additional 9.3 gigawatts by 2010. –(MENA Report)
© 2001 Mena Report (www.menareport.com)