Africa Ascending: Tapping Into Egypt’s Development Potential
As Egypt looks to tap its tremendous development potential, reflected in a forecast GDP growth of 4.1% in 2015, new and innovative projects are taking place across the economy and across the country. For example, the World Bank has just approved a $500 million loan to connect 1.5 million households into Egypt’s natural gas network.
In this context, Egyptian Prime Minister Ibrahim Mehleb yesterday held discussions with Jeffrey Immelt, GE’s Chairman & CEO, on the sidelines of the U.S.-Africa Leaders Summit being hosted by President Barak Obama in Washington, D.C.
Immelt noted that GE has been a partner to Egypt’s development for more than 40 years, and its 400 employees, most of whom are Egyptian, are eager to support the country as it moves forward. He observed that GE is particularly active in helping build Egypt’s energy, power, water, healthcare, aviation and transportation sectors, which are key drivers of the economy.
One of GE’s largest recent investments is a $500 million agreement to provide technology and equity support to a new $5 billion petrochemical plant in Ain Sokhna. GE supports Egypt’s development in other ways too. GE gas turbines support the generation of nearly 30% of the country’s total installed power capacity, with recently installed gas turbines, and new turbines coming next year, set to add 3,000 MW of capacity.
GE technology also is helping power transportation – a key enabler of growth. GE engines power 60% of EgyptAir’s fleet, while 110 GE locomotives help move people and goods across Egypt.
Another enabler of growth is healthcare, since a healthier population is a more productive population, with more than 9,000 healthcare technologies deployed across hospitals in Egypt. Additionally, GE is working with the Egyptian Ministry of Health on a tele-radiology project that connects six remote hospitals to a central image repository in Cairo.