Egypt reviews Energy Reform Measures with World Bank Experts at Spring Meetings

In Washington, Egyptian International Cooperation Minister Naglaa Al-Ahwany reviewed Egypt’s measures to reform the energy sector and cut down subsidy on fuel taken in July 2014.

The government has reduced wasted energy subsidy by 30%, equivalent to 2% of the gross domestic product at the time, Ahwany told a seminar held by the World Bank on the sidelines of the WB/International Monetary Fund Spring Meetings held in Washington.

Egypt now aims to gradually cut the energy subsidy by altering prices to be 0.5% of the GDP by 2019 instead of 6.9% in 2013, the minister said.

Egypt has great investment opportunities in the renewable energy field, especially in solar energy, Minister Ahwany noted.

Source: MENA