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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
