The facility’s initial production will support the Sustainable Energy Valley project in Egypt’s Minya Governorate, jointly developed by the Egyptian government and Norwegian renewable energy company Scatec.
Farid made the remarks while representing Egypt at the 118th session of the Arab Economic and Social Council at the ministerial level, held under rapidly changing regional and global economic conditions.
Total foreign assets held by the banking sector, including the CBE and commercial banks, rose to EGP 5.146 trillion in July from EGP 4.939 trillion a month earlier.
The agreement was signed by Industry Minister Khaled Hashem and Wang Lin, Vice Chairman of Linglong Tire, in the presence of Prime Minister Mostafa Madbouly.
Speaking at a press conference following the weekly Cabinet meeting, Madbouly said the government had reduced the external debt of budgetary authorities by $6.5 billion over the past three years.
