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Egypt signs $1.9 billion contract for sale of public assets

Published

10 months ago

July 11, 2023

Egypt’s Prime Minister, Mostafa Madbouly has revealed that his country has signed contracts to sell stakes in state assets worth a total of $1.9 billion as part of a programme to boost the private sector and raise scarce hard currency.

According to the Minister of Planning, Hala el-Said the agreements include one to raise $700 million by raising the capital of a firm that runs a chain of hotels in Egypt and another to sell minority holdings in three companies to the national wealth fund of Abu Dhabi for $800 million.

Last month, an agency of the World Bank, the International Finance Corporation (IFC), pledged economic advisory services to Egypt. The IFC said it would offer strategic advice to Egypt towards plans to improve private sector participation in its economy.

Madbouly told a press conference in Cairo attended by several senior ministers that the government was about one quarter through a list of 32 state companies that it announced last year it would sell stakes in and was preparing stake sales in other companies for later.

Egypt in 2022 pledged to sell state assets worth billions of dollars over the next four years as part of its efforts to escape financial pressure after the International Monetary Fund (IMF) approved a $3 billion Extended Fund Facility that will be paid out over 46 months.

Delays to the programme in recent months have put more pressure on the Egyptian pound, which has fallen by roughly half in value versus the dollar since the beginning of last year.

Related Topics:Egypt Featured Public Asset

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Uganda discusses power line to South Sudan with China’s Sinohydro

Published

6 hours ago

May 15, 2024

Ifeoluwa Dada

According to the president’s office, Uganda is in negotiations with Sinohydro Corporation Limited of China to build a $180 million power transmission line that would enable Uganda to export electricity to South Sudan, which is severely short on energy.

Ugandan President Yoweri Museveni received a group led by Vice President of Sinohydro Corporation Yang Yi Xin on Monday as part of the negotiations, according to a late-morning statement from Museveni’s office.

The project, according to the statement, will entail building a new substation and expanding two existing ones in addition to building a 138-kilometre high-voltage transmission line to provide power to South Sudan.

“We are very much willing to help develop this project with the required finance if needed,” Xin was quoted as telling the president.

The statement stated that Museveni endorsed Sinohydro’s proposal to carry out the project. Uganda and South Sudan inked a power sales deal in June of last year, enabling Uganda to sell electricity to South Sudan.

To enable Uganda to export electricity to South Sudan, the two nations inked a power sales deal in June of last year. The Chinese firm is completing a $1.5 billion, 600-megawatt hydropower project on the River Nile in Northern Uganda that is meant to be the source for electricity exports to South Sudan.

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Uganda considers nuclear energy to meet increased electricity demand

Published

7 hours ago

May 15, 2024

Ifeoluwa Dada

Uganda’s Ministry of Energy and Mineral Development announced on Tuesday that it was collaborating with the International Atomic Energy Agency (IAEA) to develop nuclear energy in the country as power demand rises.

Irene Batebe, permanent secretary of the ministry, stated that the government, with the assistance of the IAEA, is investigating and evaluating uranium deposits to ensure a sustainable supply of nuclear fuel for the projected nuclear power plants and research reactors.

“Uranium is the most widely used nuclear fuel material in nuclear power plants and research reactors and is required for Uganda’s nuclear power program.

“The planned nuclear power capacity will require about 4,000 tons of Uranium annually when fully operational. Thus, there is a need for sustainable sources of uranium,” she said at the opening of the nine-day meeting with the experts from the IAEA.

Batebe stated that the government is modifying the Atomic Energy Act of 2008 to tighten the legal framework for the exploration, mining, and processing of nuclear fuel reserves. She stated that even if completely exploited, the country’s electricity generation capacity from hydro, biomass, geothermal, and peat will fall short of Uganda Vision 2040 ambitions.

“To meet our development targets, nuclear energy among other sources must be integrated in the electricity generation mix,” she said.

The Cabinet approved the Energy Policy for Uganda, 2023 in April 2023, which envisions the long-term development of 52,481 MW of generation capacity to meet future demand, with nuclear power accounting for 24,000 MW.