These projects, with total foreign investments amounting to EGP 1.7 billion, will be implemented through Misr Rayon and Polyester Fibers Company, a subsidiary of the Cotton, Spinning, and Weaving Holding Company.
The UAE company will establish two energy storage stations: the Banban Station with a capacity of 500 MWh, and the Zafarana Station with a capacity of 1,000 MWh.
In an interview with Al-Arabiya Business, El-Kilany stated that Egypt is also working on similar agreements with other countries in the coming months, starting with Bahrain, followed by the UAE.
Under the agreement, ADEX, part of the Abu Dhabi Fund for Development, will provide a $100 million revolving financing program annually over five years, totaling $500 million, to fund Egypt’s wheat imports.
Hussein explained that these investments would primarily focus on the infrastructure and renewable energy sectors.
