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Egypt’s state-owned company Neeasae has set up a new plant to manufacture LED bulbs, reported the country’s state news agency MENA.
Located in Egypt’s coastal city of Alexandria, the plant aims to manufacture 300,000 LED bulbs annually, which is expected to generate a sales value of EGB 93 million (US $12.19 million) and profits of EGB 5.7 million.
About EGB 15.5 million was invested into the plant, which took up to 11 months to construct, said Egypt’s Investment Minister Ashraf Salman.
The country has suffered regular blackouts due to energy crisis since 2008, and higher frequency of power outages in summer because of increased usage of air-conditions.
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