Egypt's AEDC Aims to Pump $25.5 Million into Domestic Projects

Alexandria Electricity Distribution Company (AEDC) of Egypt is set to make a substantial investment of approximately 974 million Egyptian pounds (equivalent to $25.5 million) in various domestic initiatives during the current fiscal year, as revealed by AEDC's Chairman, Ihab Al-Faqi, in a statement reported on Monday (23/10).

Al-Faqi disclosed to the Arabic-language daily, Addustour, that AEDC aims to finance projects amounting to nearly EGP 505 million (about $16.3 million) from its own resources, with the remaining funds sourced from external channels.

The initiatives planned for the 2023-2024 fiscal year, which commenced on July 1, encompass the expansion of distribution units, the installation of new transformers, and the establishment of fresh service centers, all contributing to the company's commitment to enhancing its domestic infrastructure.

(1 US Dollar = 30.93 Egyptian Pounds)

Nadim Kawach / Zawya