(Ecofin Agency) - The Egyptian finance ministry pumps EGP1.5 billion (nearly $84 million) into the national project aimed at installing energy saving light bulbs for public street lamps.

“The project to modernize the public lighting system is part of the government's efforts to reduce public spending and energy consumption, through more economical streetlights,” the ministry said in a statement.

This three-phase project, fully funded by the government will make it possible to replace existing lamps with LEDs. Phase I has already been completed and the second is also under completion, authorities said.

Currently, Egypt has 2.5 million streetlights and 64,000 electricity consumption meters for these infrastructures.

Gwladys Johnson Akinocho