Cairo – Mubasher: Egypt’s Ministry of Finance (MoF) has announced spending EGP 1.5 billion to finance the first and second phases for switching street lights to energy-saving lamps.
The project, currently underway, is being implemented in collaboration with the Ministry of Local Development, the Ministry of Electricity and Renewable Energy, and the Arab Organization for Industrialization at an estimated cost of EGP 2 billion.
The first phase of the project has already been completed, while the second phase is about to be finished, an official in the MoF stated.
During the previous period, Egypt has taken steps to reduce power and energy subsidies for the coming fiscal year's budget to EGP 16 billion from EGP 30 billion which are expected for the current fiscal year.
On 12 June, Egypt’s Ministry of Electricity and Renewable Energy announced raising prices for households, and it will go into effect as of next July.
