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The electricity and energy sector is to sign within days a contract with the World Bank whereby the latter is to offer the former US$340 million as part of the foreign contribution towards the establishment of a giant complex, south of Helwan, to produce electricity at a total cost of LE 14 billion. The project is due to become operative in 2016 and will provide job opportunities for young graduates specialized in running and maintaining power stations.
Whilst, Minister of Electricity and Energy Hassan Yunis on 6/3/2012 discussed the New and Renewable Energy Authority (NREA)'s budget for the year 2012/2013 at an LE 887 million value. The budget comprises the (NREA)'s projects' investments, operation expenditures, salaries and subsidies channeled from the Finance Ministry. It is noteworthy that NREA incurs approximately LE 30 million in annual losses representing the difference between wind and solar energy generation costs and subsidized distribution prices for consumers.
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