EBRD extends $ 21.3 m loan to Red Sea wind energy farm in Egypt
The European Bank for Reconstruction and Development (EBRD) is supporting the development and sustainability of ...
Sisi: Egypt needs $ 1 trln to build capabilities..new roads save $8 bn annually
Egyptian President Abdel Fattah El Sisi said Egypt needs $ 1 trillion annually to build its capabilities, noting, however, that this amount of money is not available.
Addressing the World Government Summit in Dubai on Monday, the president said he sought to circumvent the difficulties facing the country through initiatives, innovations and ideas.
Sisi noted that resolving the electricity problem that faced Egypt for seven years was a top priority as it was one of major problems.
He added that solving this problem cost the state EGP 1.8 trillion over the past years.
Sisi highlighted that Egypt is now ready for power linkage with Saudi, Greece, Italy, Sudan and Libya.
As for education, he said quality education is a challenge as the state needs $250 billion to reform education. Each student needs $10,000 to learn.
He referred also to Egypt’s efforts for upgrading the health sector, noting that Egypt launched several health initiatives, including one for eliminating Hepatitis Virus C.
He said Egypt became free from Hepatitis Virus C, adding that a comprehensive health insurance will be in effect by 2050.
He reviewed also how Egypt is having 24 smart cities while addressing the problem of overpopulation.
He expounded that Egypt’s population increased from 80-81 million in 2011 to 105 million at present, highlighting the challenge posed by the concentration of the majority of the population in a narrow strip extending from Alexandria to Aswan parallel to the Nile.
He affirmed that the state seeks to expand the populated areas to reach 12 percent across the nation instead of 5 percent currently.
He said the New Administrative Capital (NAC) falls within the framework of the state’s efforts to create a new urban space, the president said.
Upgrading the transportation sector cost Egypt EGP 2 trillion, he said, noting that the aim of building the network of new roads in Egypt was to save about dlrs 8 billion annually of the fuel consumed.
He expounded how this falls within the framework of the Paris and Glasgow agreements for cutting emissions, referring to the decision to establish a new “Loss and Damage” Fund during the 27th United Nations Climate Change conference (COP27).
The Loss and Damage Fund aims to get countries responsible for high carbon emissions will compensate vulnerable countries suffering from climate impacts.
The president said Egypt is coordinating with the UAE for the coming COP summit, noting that both countries were also joining hands during COP27.
He highlighted the depth of Egypt’s ties with its brotherly counties, thanking all countries that backed Egypt.
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