Egypt offers LE3B financial guarantee to finance desalination projects in the Red Sea Governorate



Egyptian currency_Reuters

CAIRO – August 19, 2020: The Ministry of Finance will provide a “financial guarantee” of LE 3 billion to the Holding for drinking water and wastewater, according to the Minister of Finance Mohamed Ma’it.

According to Ma’it, the delivery of a guarantee to the Holding for drinking water takes place in application of Law No. 168 of 2020 concerning the authorization for the Minister of Finance to guarantee the Holding for drinking water and sewage, which was recently ratified by President Abdel Fatah Al-Sisi.

Ma’it said in a statement on Wednesday that the financial guarantee will help provide the necessary funding for the implementation of water desalination projects in the areas of “Hammam” in Matrouh, Safaga, Quseer and Marsa Alam in the governorate. of the Red Sea, in a manner consistent with the state plan to maximize the use of available water resources by using the latest technological mechanisms and improving the services provided to citizens.

He added that the government aims to attract many investment activities in these areas besides serving the projects already established in them, at the top of them; tourist activities which are the primary beneficiaries of these services.

The minister stressed the ministry’s concern to meet the financing needs of projects approved by the state development plan to ensure that it is implemented according to the specified schedule, so that the citizens feel the fruits of economic reform.

Ma’it noted that the budget for the current fiscal year aims to complete the process of development in various sectors to improve the living standards of citizens and create more employment opportunities, with emphasis on areas who need it most; in order to help improve the quality of life and meet the demands of the Egyptians for a decent life.

He explained that the current budget provides support and grants for development sectors worth LE 6.4 billion to support the social housing program “120,000 housing units”, support for the development of the Upper Egypt, the benefit of subsidized loans, the fund for rapid transport vehicles and LE 3.5 billion to deliver natural gas to 1.3 million families.

He added that the current 2020/2021 budget also aims to increase government investments. In a way that contributes to strengthening development efforts, highlighting that the current financial year is experiencing an unprecedented increase in the appropriations allocated to public investments, which amounted to LE 280.7 billion, with an increase in the share funded by the public treasury by 26.4 percent in 2019/2020.


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