Skip to content Skip to Search
Skip navigation

Egypt keeps electricity prices unchanged until January 2024

Electricity in Egypt is cut out during load shedding Reuters/Mohamed Abd El Ghany
A child looks at a mobile phone during planned load shedding that the government of Egypt has begun to overcome the pressure on electricity demand due to increased consumption amid a heatwave in Cairo

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.

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.

Latest articles

The UAE's minister of industry and advanced technology, Sultan Al Jaber, left, met Karl Nehammer, Chancellor of Austria, for talks on trade

Austrian finance unicorn to open in UAE

Austria’s first unicorn has announced plans to set up in Dubai, as officials from the UAE hold top-level talks in Vienna to build on a 22 percent increase in bilateral trade last year A unicorn is a startup company valued at more than $1 billion that is privately owned and not listed on a share […]

Mads Bo Larsen, vice-president of Novo Nordisk UAE, says a local plant 'will not solve anything' in the face of the country's Ozempic shortage Video length: 3:39

UAE diabetics face Ozempic shortage due to weight-loss users

The manufacturer of Ozempic is “troubled” by the fact the drug, which was designed to help people with diabetes, is in short supply in the UAE because of the high number of consumers using it for its weight loss side-effects. Danish pharmaceutical company Novo Nordisk introduced Wegovy, a drug meant to specifically tackle obesity, to […]

A market in Cairo. The meeting of the central bank’s MPC was its first since Egypt secured $8 billion in financial support from the IMF in March

Egypt holds interest rate hike despite slowdown

The Central Bank of Egypt has kept its key interest rates unchanged despite a slowdown in economic growth. The monetary policy committee (MPC) left the lending rate unchanged at 28.25 percent and the deposit rate at 27.25 percent. Inflation has eased since the annual headline and core inflation peaked at 38 percent in September 2023 […]

The number of electric vehicles in Dubai passed 30,000 by the end of April 2024

Parkin to roll out more green EV chargers across Dubai

Dubai is expanding its network of electric vehicle (EV) chargers as part of the emirate’s push to accelerate smart and green mobility. Parkin, the state-backed parking management company, has signed an agreement with the Dubai Electricity and Water Authority (Dewa) to increase the number of EV green charger stations at prime locations across the emirate. Parkin […]