Egypt

Egypt, Saudi Arabia sign $1.8 bln power grid deal -Egyptian state TV

Published on : 2021-10-05

Saudi Arabia and Egypt have signed new contracts for electrical connection projects.

The deal is valued at $1.8 billion, and will start in 2022.

By the end of the project, there will be a mutual exchange of 3000 watts of electricity.

“Saudi Arabia and Egypt share the same goals, and we work together as a team to implement them,” said Abdulaziz bin Salman, the minister of energy in Saudi Arabia during a virtual conference.

The Egyptian minister of electricity, Mohamed Shaker, said: “The project is a corridor for the transit of electricity to reach the continent of Asia."

The Egyptian side will bear 40-45 percent of the project value, and part of the funding will come through Arab institutions.

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