Talks to set up USD 2 bn solar panels factory break down between Egypt’s gov’t, China’s CGL group
The Military Production Ministry appears to have caved in its negotiations with a Chinese company over a planned solar panel factory, and has agreed to buy up the facility’s output, government sources said. Previous talks with China’s Golden Concord Group on a USD 2 bn plant had fallen through after disagreements over what to do with the factory’s output, but the two sides have now reached an agreement in exchange for the Chinese company financing the facility’s construction. The Kuwait Fund for Arab Economic Development is also financing the project’s feasibility studies. A final decision on the project will be made by March 2019.