Egypt Seeks Power Linkage with Europe

Egypt is continuously strengthening power linkage lines with neighboring countries. (Getty Images)
Egypt is continuously strengthening power linkage lines with neighboring countries. (Getty Images)
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Egypt Seeks Power Linkage with Europe

Egypt is continuously strengthening power linkage lines with neighboring countries. (Getty Images)
Egypt is continuously strengthening power linkage lines with neighboring countries. (Getty Images)

Egypt is continuously strengthening power linkage lines with neighboring countries such as Jordan, Sudan, and Libya, announced Minister of Electricity Mohamed Shaker.

He said the goal in the coming period would be achieving electrical linkage with Europe through maritime cables, which will reach a number of countries in the continent.

He confirmed that the launch of power projects to connect with Libya is a fundamental and strategic goal for the two countries, reported the Middle East News Agency (MENA).

Egypt succeeded in generating electricity to Libya through already existing projects, said Shaker.

The Ministry is studying a huge project for power linkage with Cyprus, Crete and eventually Greece, he revealed.

“When this project is complete, Cairo will be a central hub for electrical interconnection between three continents as Egypt is already electrically connected with both Jordan and Libya,” he said.

Egypt has close relations with Greece and Cyprus, and the three countries regularly hold summits within the framework of their energy cooperation in the Mediterranean.

In December, Egyptian President Abdel Fattah al-Sisi stressed that the cooperation stems from balanced positions based on respect, good neighborliness, and mutual interests for the security and stability of the Eastern Mediterranean region.

Egypt is also exploring another project that would add power linkage with Saudi Arabia at peak consumption times throughout the day, announced Shaker.



Russia is on the Verge of Recession, Says Economy Minister

The Russian flag waving in front of the Kremlin in Moscow, July 1, 2018. (AFP / Yuri Kadobnov)
The Russian flag waving in front of the Kremlin in Moscow, July 1, 2018. (AFP / Yuri Kadobnov)
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Russia is on the Verge of Recession, Says Economy Minister

The Russian flag waving in front of the Kremlin in Moscow, July 1, 2018. (AFP / Yuri Kadobnov)
The Russian flag waving in front of the Kremlin in Moscow, July 1, 2018. (AFP / Yuri Kadobnov)

Russia's economy is on the verge of sliding into recession, Economy Minister Maxim Reshetnikov said at the St Petersburg International Economic Forum on Thursday.

Russia this month cut interest rates for the first time since 2022, easing borrowing costs to 20% from 21%. But for months, businesses have complained of high rates stifling investment and economic growth has started to ease.

"According to the figures, there is a cooling, but all our figures are in the rear-view mirror," Reshetnikov said.

"According to the current feelings of businesses and business indicators, we are already, it seems to me, on the verge of going into recession. On the verge."

At the same session, Central Bank Governor Elvira Nabiullina said the current slowdown in GDP growth was "a way out of overheating".

Alexander Vedyakhin, First Deputy CEO of Russia's largest lender Sberbank said in an interview with Reuters this week that tight monetary policy was creating overcooling risks and said much lower interest rates of 12-14% would be acceptable to restart investment lending.

"There is a danger of the economy overcooling and that we will not be able to get out of this dip, and that further growth may be subdued," Vedyakhin said.