The Egyptian Ministry of Electricity and Renewable Energy received EGP 3 billion late December as a part of the amounts allocated for electricity subsidies, Al Mal News reports.
A source at the ministry stated that the amount were secured by the ministry of finance, yet the ministry of electricity urged receiving additional EGP 6 billion of the subsidies allocations.
Egypt allocated total of EGP 52.8 billion to support electricity in the 2017/2018 budget.
Part of the allocations is used to repay Siemens’ plants construction cost, which reached around EGP 120 billion, and to repay arrears for China’s State Grid Company, which is establishing an electricity transmission grid parallel to the existing one with investments EGP 10 billion, the source pointed out.
Egypt has already repaid around EGP 74.17 billion to Siemens, which will complete establishing the projects before the end of 2018.