Egypt on Thursday opened a new plant to produce energy-saving LED light bulbs under the state-owned Neeasae company, state-owned news agency MENA reported.

The plant, which is located in the coastal city of Alexandria, was constructed at a cost of LE15.5 million over a period of 11 months, Investment Minister Ashraf Salman was quoted as saying by MENA.

Egypt has suffered from regular blackouts on the back of an energy crisis since 2008, with a higher frequency of power outages in the summer due to the increased use of air-conditioning units.

The plant aims to produce 300,000 energy-saving light bulbs annually, with a projected sales value of LE93 million and projected profits of LE5.7 million.