Energy spending will total USD 75 bn for the next four years

Egypt will need USD 75 bn to develop its energy sector between 2018 and 2022, according to the development strategies of both the Electricity and Oil ministries. USD 45 bn will need to be spent on developing the electricity sector, with a long term plan to generate 51.7 GW by 2030. From the looks of the plan — formulated by consultancy firm SOFRECO — most of that spending will be geared towards building up capacity of coal power, whose spending will reach USD 38.6 bn until 2030, Electricity Minister Mohamed Shaker tells Al Borsa. No projections for electricity subsidies cuts were announced. USD 30 bn will be spent on developing oil and gas fields in the Mediterranean, said Oil Minister Tarek El Molla. Separately, El Molla discussed new funding for oil and gas projects with top officials from the China Development Bank, Al Masry Al Youm reports.