Siemens to make $10bn investment in Egypt
Egypt, Cairo: The Egyptian Ministry of Electricity and Renewable Energy has signed four memorandums and deals with the German Ministry for Economic Affairs and Energy and Siemens representatives, totalling $10bn.
Egypt, Cairo: The Egyptian Ministry of Electricity and Renewable Energy has signed four memorandums and deals with the German Ministry for Economic Affairs and Energy and Siemens representatives, at the value of $10 billion.
As part of the agreement, Siemens will build a 4.4 gigawatt Beni Suef power plant and a wind power plant in the next couple of years, reports Daily News Egypt.
Under one of the memorandums, the company will also construct a factory to manufacture power transformer stations with different voltages, and another one to produce manufacturing tools for the wind plants.
The factories are expected to employ 5,000 people. The agreement also involves the training of 500 Egyptians.
Source: Daily News Egypt
Image: Siemens
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