Cairo – Mubasher: Egypt aims to raise allocations of household natural gas connection projects by 192% year-on-year to EGP 3.5 billion in fiscal year 2018/2019 from EGP 1.2 billion in the current fiscal year.
The government seeks to implement a medium-term energy subsidy rationalisation plan in the country’s FY18/19 and focus on financial and structural reforms in the sector, according to a statement by the Ministry of Finance (MOF).
Egypt’s development scheme targets to diversify energy mix to include 44% gas, 39% petroleum products, 9% coal, and 8% renewable energy by FY20/21.
The government also plans to deliver natural gas to approximately 3 million residential units.
The North African nation is also at pains to cut balance deficit to 8.4% of gross domestic product (GDP) in the coming fiscal year, compared to 12.5% of GDP in FY15/16.
The finance ministry is determined to achieve a surplus of nearly 2% of GDP in FY18/19.