Mohamed Farag

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Latest by Mohamed Farag


IFC loans CIB $100m

The International Finance Corporation (IFC) signed an agreement on Tuesday with the Commercial International Bank (CIB) to fund it with $100m. This funding is considered the first supporting loan provided by the IFC to a local bank. This came after the recent regulations approved by the Central Bank of Egypt (CBE) allowing international finance institutions …

Mohamed Farag

Petroleum Ministry to offer oil exploration bid in Q1 2018

The Ministry of Petroleum and Mineral Resources intends to put forward a global bid to explore the oil resources of the Red Sea in the first quarter of 2018, in light of the results of 2D and 3D seismic surveys currently being conducted in the Red Sea. According to ministry sources, companies currently conducting surveys …

Mohamed Farag

Hassan Allam implements services and facilities of solar energy projects in Aswan

Hassan Allam Construction began implementation of services and facilities management functions for solar energy projects in Benban, Aswan after the completion of a formal contract. The heads of solar energy companies in Benban said that Hassan Allam Construction will take over management of services for the projects, after the selection of the company by all …

Mohamed Farag

XD EGMAC completes 7 transformer substations in 2 months

XD EGMAC Company is set to complete building seven transformer substations within two months at a cost of EGP 650m. XD EGEMAC’s CEO, Medhat Ramadan, told Daily News Egypt that the company is implementing stations of 220/66/22 and 220/11/66 kV in Sharm El Sheikh, Hurghada, South Tanta, Maasara, Ebny Beitak, Zizinia, and Nargis. He added …

Mohamed Farag

Egypt’s parallel electric grid to be ready in January

The companies executing the parallel electrical grid will complete the linking of Beni Suef’s power lines to the Aswan High Dam in January 2018, at a cost of up to EGP 5.5bn. Sources from the Ministry of Electricity said that the implementation rate of the Beni Suef – Assiut line, which has 503 electrical towers, …

Mohamed Farag