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Wednesday, 16 May 2018

On the horizon

Cyprus, Egypt to resume talks on electricity grid linkup next month: A Cypriot delegation will visit Egypt next month to resume talks on the USD 4 bn project to connect the electricity grids of Egypt, Cyprus, and Greece, government sources said.

Tender for grid connection with Sudan moving along: The Cypriot delegation’s visit comes as the Electricity Ministry invited eight local and global players to make offers for the 300 MW electricity grid interconnection project with Sudan, Chairman Gamal Abdel Rehim tells Al Mal. The companies invited to bid for the EGP 1.5 bn project include ABB, General Electric, Elsewedy, Schneider, Siemens, and State Grid Corporation of China.

Contracts to connect our electric grid to Saudi Arabia’s could also be signed by the end of June, sources say. The Egyptian Company for Metallic Constructions was recently awarded a EGP 56 mn contract to manufacture power transmission poles for the grid connection, company chairman Ibrahim Hammam tells Youm7.

The IMF should issue its progress report on Egypt’s economic reform program in two weeks’ time, Deputy Chief of Media Relations Alistair Thomson tells Al Masry Al Youm. A delegation is in town until tomorrow to finish a review that should unlock another USD 2 bn of the USD 12 bn IMF extended fund facility by June or July.

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