Egypt keeps electricity prices unchanged until January 2024

Reuters/Mohamed Abd El Ghany

Egypt will maintain current electricity prices for consumers, as it deferred any changes for an additional six months, the cabinet said in a statement.

In its weekly meeting, the cabinet decided to maintain electricity prices until January 2024, citing Egypt’s current economic challenges.

• Egypt’s inflation surges to record 36.5% in July
• Inflation in Egypt hit hard by Russia

The government has delayed the scheduled increase in power prices for the past 18 months, Egypt Today newspaper said.

The cabinet also approved plans by the International Finance Corporation (IFC), a member of the World Bank Group, to start issuing bonds in Egyptian pounds in foreign markets.

The local currency bonds will help the economy by increasing IFC’s investment portfolio in the country.

Meanwhile, the state-run new urban communities authority approved the allocation of land plots for some companies, who will pay in US dollars.

The decision includes 28 land plots in New Cairo, New Damietta, Obour city, Giza’s Sheikh Zayed and 6th of October city, Badr city and Shorouk city.

Earlier this week, Egypt launched a series of fresh measures designed to boost foreign currency inflows by offering a minimum $5,000 fee for Egyptians living abroad who wish to clear their military service obligations and a US dollar pension plan also aimed at its citizens abroad.

Official data shows external debt grew to $165.4 billion by the end of March from under $40 billion in 2015. At least $50 billion in repayments will be due over the next few years, according to the central bank.