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Egypt postpones electricity interconnection with Sudan to March

The Egyptian Electricity Transmission Company (EETC) postponed the first phase of 100MW electricity interconnection project with Sudan to March due to a delay in the implementation of the project by the Indian multi-national construction firm, Larsen & Toubro Limited (L&T). A source in the Ministry of Electricity told Daily News Egypt that the Indian company …

Mohamed Farag

KarmSolar identified among companies to inspire Africa 2019: LSEG’s report

KarmSolar, Egypt’s fastest growing solar energy solutions company, has been identified by the London Stock Exchange Group (LSEG) as one of the Companies to Inspire Africa 2019 listing. The LSEG report acknowledged Africa’s most dynamic businesses. Companies need to be privately held, and show an excellent rate of growth and potential to push African development, …

Daily News Egypt

Fuel subsidies phasing out faces significant challenges which must be faced: WB

According to the recent report issued by the Energy Sector Management Assistance Programme (ESMAP) which is administrated by the World Bank (WB), Egypt’s economy was adversely affected by a growing energy deficit, in the aftermath of the Arab Spring , slowing economic growth, increasing poverty, and socioeconomic transition. Egypt faced growing fiscal pressures. With fossil …

Daily News Egypt

About 75% of fuel subsidies phased out till now, projected to be fully cut by 2020: secretary of fuel division at FECC

All the actions which have been taken since November 2016 until now definitely aim to boost economic growth, reform the Egyptian economy, according to the Secretary of Petroleum and Fuel Division at Federation of Egyptian Chambers of Commerce (FECC) Mohamed Abdel Moneam. He added that phasing out fuel subsidies is an essential procedure for the …

Daily News Egypt

“Fuel subsidy reform plays a key role in fiscal consolidation”: IMF

In its third review under the extended arrangement in accordance with the Extended Fund Facility issued in July 2018, the International Monetary Fund (IMF) assured that the ongoing energy subsidy reform continues to play a key role in fiscal consolidation. It clarified that the fuel subsidy bill has decreased from 3.3% of the GDP in …

Daily News Egypt

Egyptians bear 70% of fuel prices through threefold price hikes in 2 years

To meet the demands of the IMF to grant Egypt the $12bn loan, curb the budget deficit, and to deal with the increasing inflation rate, fuel subsidies underwent non-recurrent stages to be phased out, toward being fully suspended in 2019 according to a subsequent 2018 statement for the Minister of Petroleum and Mineral Resources, Tarek …

Doaa A. Moneam