Egypt to offer foreign investors a large share in power plants

Egypt’s sovereign wealth fund seeks to acquire 30% in power plants co-established by Germany’s Siemens and involve foreign investors and companies in the rest, which raises questions on whether the state seeks to privatize them or the result is higher bills for citizens.
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The sun sets behind the South Cairo Electricity Distribution Company power station on the side of the Nile River in Cairo, Egypt, Aug. 9, 2017. - REUTERS/Amr Abdallah Dalsh
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A correspondent in Egypt
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CAIRO — Egypt’s sovereign wealth fund seeks to acquire 30% in power plants co-established by Germany’s Siemens and offer a share of 70% to foreign investors and companies, Bloomberg reported Nov. 11. 

Parliament passed July 16 a bill to set up Egypt's sovereign wealth fund to manage the state’s unused assets. The draft law stipulates that the fund has a sovereign legal entity, with its headquarters in the Cairo governorate.

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