Egypt’s Ministry of Finance (MoF) announces a disbursement of EGP 1.5 bn to fund the first and second phases of its plan to displace the country’s street lights by energy-saving bulbs, Invest-Gate reports.

The project is a joint effort between the ministries of local development and electricity, and the Arab Organization for Industrialization to install around 2.5 mn lampposts and 64,000 controlling units, at an estimated cost of EGP 2 bn, according to a MoF’s statement issued on Sunday, June 17.

The initiative aims to accurately gauge the amount of energy utilized in general lighting and help combat electricity theft.

Implemented according to specific timeline and funds, 25% of the costs of each stage are paid as down payment at the work’s inception and then 55% is paid in monthly payments upon delivery. The remaining 20% is paid immediately after the installation, examination, and receipt, the ministry underlines in its statement.

Abdel Aziz Tantawy, Head of MoF’s Local Administration Budget Department, points out that the scheme comes as part of the government plans to reduce public expenditure and energy consumption while providing proper lighting in Egypt’s streets.

The first phase of the project has already been finalized, while the second phase is near completion as the ministry concurrently began to implement the third phase, Tantawy adds in the statement.