Egypt ne­go­ti­ates with Spain to fund 6 de­sali­na­tion projects in Red Sea

Projects’ cap­i­tal likely to reach €149m, says govern­ment of­fi­cial

The Daily News Egypt - - Front Page - By Hagar Om­ran

The Egyp­tian govern­ment is ne­go­ti­at­ing with Spain to fund six de­sali­na­tion projects in the Red Sea, a govern­ment source told Daily News Egypt on con­di­tion of anonymity, adding that the projects’ ex­pected cap­i­tal is worth €149m.

The source noted that Spain is likely to to­tally fi­nance the six de­sali­na­tion projects with­out co­op­er­at­ing with other in­ter­na­tional part­ners, adding that the Hold­ing Com­pany for Drink­ing Wa­ter and San­i­ta­tion, which is af­fil­i­ated to Hous­ing Min­istry, will de­liver a study of the sug­gested projects shortly.

“Both coun­tries have agreed on im­ple­ment­ing four san­i­ta­tion projects in 2008 which means that co­op­er­a­tion in this area is not new,” added the source, not­ing that Spain an­nounced its of­fer­ing to Egypt of a credit line worth €20m for the small and medium en­ter­prises in col­lab­o­ra­tion with Na­tional Bank of Egypt. How­ever, to­tal dis­bursed fi­nance of the line is at cou­ple of mil­lion Eu­ros only.

The Span­ish govern­ment sets con­di­tions of us­ing 45% of the projects’ com­po­nents from Spain, to help its lo­cal busi­ness sec­tor ben­e­fit from its in­ter­na­tional fi­nan­cial agree­ments, men­tioned the source, adding that the cur­rent co­op­er­a­tion projects with Spain was signed in 2008 to of­fer fi­nanc­ing worth €250m,but Spain de­cided to in­crease its fi­nan­cial plans with Egypt.

The source as­serted that Spain fi­nances other joint projects in the field of en­ergy and an­tiq­ui­ties, ex­plain­ing that a joint project aim­ing at pre­serv­ing the mon­u­ments in Luxor and the pyra­mids area is about to be con­cluded shortly.

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