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FINANCIAL NEWS
Egypt elect subsidy reaches EGP34bn in FY16/17
27 Jun 2017
(MENAFN) Egypt’s minister of finance proclaimed that the value of elect subsidies amid the fiscal years 2016 and this year increased to EGP34bn.
Meanwhile, the Ministry of Finance will cooperate with the Ministry of Elect and Renewable Energy to restructure the financing burdens of elect firms in coordination with banks.
The draft budget for this year and the coming year showed that the elect subsidy amounts to almost EGP30bn compared to EGP35.071bn in the recent fiscal year’s budget.
The country’s cabinet proposed growing the elect subsidy to EGP80bn amid this year and 2018, from the EGP30bn.
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MENAFN2706201700450000ID1095582098
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