Siemens launched an integrity initiative, in conjunction with the Egyptian Junior Business Association (EJB) providing Egypt with $1.4m over three years, on the final day of the Economic Summit.
The launch occurred on the summit’s sidelines in Sharm El-Sheikh, and will support the “collective action” project which aims to fight corporate corruption in Egypt.
The announcement was made with Siemens Chief Executive Joe Kaeser, Minister of Planning Ashraf El-Araby, and Minister of Industry and Foreign Trade Mounir Fakhry Abdel Nour in attendance. Also present at the announcement were Minister of Youth and Sports Khaled Abdel Aziz as well as EJB Chairman Hossam Farid.
The launch comes a day after Siemens signed agreements with the Egyptian government for the construction of a 4.4GW power plant in Beni Suef and the construction of a 2GW wind power plant.
The Wall Street Journal newspaper reported that the agreements were worth approximately €4bn.
Siemens will provide financing over 12 years for those projects, with a 1.6% interest rate Kaeser had previously disclosed.
The company will also construct a factory to produce manufacturing wind plant tools, along with a further factory to manufacture power transformer stations with different voltages.