Power-saving electricity cuts to end in Egypt on July 21 till mid-September

CAIRO – 17 July 2024: Prime Minister Mostafa Madbouly stated in a press conference Wednesday that power-saving electricity cuts would end on Sunday, July 21, until mid-September, revealing that electricity use increased by 12 percent in 2024.

The prime minister unveiled that additional 3-4 GW will be needed in 2025, and that was the reason the government would accelerate increasing the share of renewables in the energy mix. He equally stressed that the government would be dedicated - in the coming period - to the localization of the manufacturing of solar cells to fulfill the increasing local need.

Also, tackling the drug shortage, Prime Minister Madbouli stated that it will be resolved in three months, especially those of chronic diseases, as the government agreed with producers on a rational increase in prices.

In a related context, he highlighted that the inflation rate had been falling for the fourth month in a row. "To put an end to the frequent increase in the prices of goods, the government is working on boosting supply by promoting investment opportunities," the Egyptian prime minister said.

The government targets a GDP growth of six percent, and is starting to implement a three-year plan to mitigate impact of global crises, he added asserting that, "it is a must to put up Egypt’s unused assets - worth hundreds of billions of pounds - for investment."

Madbouli similarly shed light on the fact that the government succeeded in reducing foreign debt from $168 billion to $160 billion.