Egypt’s Cabinet keeps electricity prices unchanged until 2024

CAIRO – 17 August 2023: Egypt’s Cabinet announced on Thursday keeping electricity prices unchanged, postponing a planned increase for another six months.

As per the Cabinet’s decision in its weekly meeting, electricity prices will remain the same at least until January 2024. Thus, the state has postponed the planned increase in power prices for 18 months.

The decision to keep prices unchanged takes into consideration the current economic challenges and circumstances, the Cabinet said in a statement.

The decision comes in implementation of President Abdel Fattah El-Sisi’s directives to take into account the social dimensions through exceptional social protection packages to relieve the burden on citizens amid the current economic circumstances, the Cabinet added.

 

EGP bonds in foreign markets

In its weekly meeting, the Cabinet also gave the greenlight for the International Finance Corporation (IFC) to start issuing bonds in Egyptian pounds in foreign markets.

The IFC’s issuance of bonds in the local currency will benefit Egypt through increasing in IFC’s investment portfolio in Egypt, and the availability of additional sources in foreign currency.

The step will also contribute to expanding the range of financing solutions in local currency offered to the private sector in Egypt and diversifying and encouraging the financing sources available to the sector.

Providing foreign exchange resources

The Cabinet also approved a draft decision on the seventh Structural Adjustment Facility between Egypt and the Arab Monetary Fund.

The approval comes within the framework of continuous efforts to benefit from the available resources of international and regional financing institutions, the Cabinets aid.

The step also helps securing the necessary foreign exchange resources to support structural reform efforts in the banking and financial sector.

 

Allocating land plots in dollar

Meanwhile, the New Urban Communities Authority approved some requests regarding the allocation of a number of land plots of land for some companies.

The companies will pay in US dollar from outside the country, the Cabinet said today after being informed of the decision.

The decision includes 28 land plots in New Cairo, New Damietta, Obour city, Giza’s Sheikh Zayed and Sixth of October city, Badr city and Shorouk city.

The approvals come while the country has been working to increase the inflow of foreign currency amid a dollar crunch due to the economic crisis.