CAIRO (AP) — Egypt inaugurated several power generation projects on Tuesday, including three power plants built by the German conglomerate Siemens in a ceremony attended by President Abdel-Fattah el-Sissi, government ministers and officials.
The three combined-cycle power plants were built by Siemens at a cost of 6 billion euros, or $7.2 billion.
They are located in Kafr al-Sheikh and Beni Suef provinces, and also in the new capital city that's under construction outside of Cairo, and are expected to provide 14,400 MW to Egypt's national electricity grid.
Also among other projects inaugurated was a massive wind farm in Gabal al-Zeit, on the Red Sea.
At Tuesday's ceremony, Electricity Minister Mohammed Shaker said that Egypt has invested in projects in the electricity sector costing some 515 billion Egyptian pounds since June, 2014.
The Electricity Ministry's spokesman, Ayman Hamza, told local media earlier that the projects are part of a wider plan to make Egypt a regional energy hub. He said the output will cover all domestic needs and will help boost electrical exchange with neighboring countries.
Recently, Egypt raised the price of electricity by an average of 26 percent as part of austerity measures designed to overhaul the country's economy. El-Sissi says the reforms, implemented shortly after he took office in 2014, have put Egypt on "the right track" and that they will spur economic growth by over seven percent in the coming years.