International Cooperation Minister Naglaa el-Ahwany
Washington - MENA
Egyptian International Cooperation Minister Naglaa el Ahwany reviewed Egypt's measures to reform the energy sector and cut down subsidy on fuel taken in July 2014.
The government has reduced wasted energy subsidy by 30%, equivalent to 2% of the gross domestic product at the time, Ahwany told a seminar held by the World Bank on the sidelines of the WB/International Monetary Fund Spring Meetings held here.
Egypt now aims to gradually cut the energy subsidy by altering prices to be 0.5% of the GDP by 2019 instead of 6.9% in 2013, she said.
Egypt has great investment opportunities in the renewable energy field, especially in solar energy, she added.