The second day of Egypt’s Economic Development Conference saw the country sign agreements and memoranda of understanding with international companies worth $US 158 billion dollars. The economic conference kicked off from the resort city of Sharm el-Sheikh on Friday. Most of the deals signed on Saturday were concentrated in the field of energy, reaching over $30 billion worth of investment. Egypt has been facing an energy crisis for years, with power outages surging in the summer. Egyptian authorities have often owed the power crisis to a larger fuel crisis and have been taking measures in recent months to diversify sources of energy. The government has turned to renewable energy such as solar and wind energy. The state has also passed legislations allowing the generation of energy from coal, despite environmental concerns. DEALS IN THE FIELD OF ELECTRICITY China’s State Grid signed with the Egyptian Electricity Transmission Company an agreement to develop Egypt’s electricity transmission grid at the cost of $1.8 billion, the ministry of electricity announced in a statement. German industrial giant Siemens signed a group of memoranda of understanding with Egypt’s Electricity Ministry to establish power stations at the cost…
