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FINANCIAL NEWS
Siemens, Egypt sign USD9b power deal
04 Jun 2015
(MENAFN) Siemens, the German industrial firm, signed a USD9 billion energy deal with Egypt in order to boost the country’s power generating capacity by about 50 percent, Reuters reported.
The deal entails that the German company will help Egypt in building gas and wind power plants to help in easing the country’s lagging recovery from its ailing political and economic turmoil.
Egypt is going through its worst energy crisis in decades, with power cuts common as its ageing state-run infrastructure struggles to handle rapidly growing demand for electricity.
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