Prime Minister Mostafa Madbouly has mandated the creation of a technical committee to plan for implementing Red Sea’s Golden Triangle Development Project, using studies prepared by Italian consulting firm D’Appolonia, Invest-Gate reports.

Poised to attract a high volume of investments, the Golden Triangle Project is one of Egypt’s major national projects, serving three governorates, namely between Qena, Safaga, and Quseir, Madbouly said in a meeting held on July 21, according to the ministerial statement. 

Electricity Minister Mohamed Shaker, who also attended the meeting, confirmed that new 220-kilovolt power lines will be installed by year-end to serve the whole area, which will also contribute to the provision of improved services to beneficiaries in the surrounding spots, the statement revealed.

On his part, Red Sea Governor Ahmed Abdullah noted that infrastructure is already implemented in the area, underlining that this shall prompt further investments, and thus, more projects, which will comprise the establishment of ports and airports.

Golden Triangle Project was previously expected to draw USD 16 bn worth of investments and will include tourism, manufacturing, transport, energy, and infrastructure developments that are scheduled to span 30 years.