President Abdel Fattah El Sisi met on Saturday with Joe Kaeser Chief Executive Officer of Siemens.
The meeting took on Egypt's efforts to increase electricity generation to meet the growing demand and new projects, said presidential spokesman Alaa Youssef.
Projects that will be carried out by Siemens in Egypt in the coming period including a power plant in Beni Suef were discussed.
The plant will generate up to 4,440 megawatts. The project's cost was cut upon agreement during the meeting from 2.5 billion euros to 2.2 billions, said the spokesman.
The discount will be allocated a grant from the German firm to support the Egyptian economy.
Another wind power project with an investment of 300 million euros was discussed. It will generate 2,000 megawatts of electricity.
Sisi also met with Jeffrey R. Immelt, the CEO of General Electric on the firm's planned projects in Egypt.
The president expressed appreciation for both international companies for their businesses in Egypt.