Schneider Electric Egypt latest to sing praises of FX situation in Egypt

Schneider Electric Egypt has had no trouble repatriating its profits out of Egypt since the EGP was floated in November, regional head of North East Africa and the Levant Walid Sheta tells Reuters. The company is also not meeting any issues sourcing FX since the float to purchase equipment and production inputs, said Sheta. His statements follows those by Air France-KLM Group VP Patrick Alexandre noting improvement in Egypt’s FX availability and repatriation. Schneider is also looking for some recognition for its work on Eni’s Zohr supergiant gas field, where it has provided electrical infrastructure and controls, Al Mal says. Schneider is also going to be bidding for contracts at the Daba’a nuclear power plant, Sheta tells the newspaper.