The Egyptian Electricity Holding Company informed its fifteen affiliated companies of raising the price of the dollar in the budget for the next fiscal year 2024-2025 to 49.55 pounds. Officials indicated that the price of the dollar in the current year’s budget was 30.9 pounds.

The holding company also set the euro exchange rate at 53.80 pounds, compared to about 33.5 pounds in the current fiscal year’s budget. Most projects are implemented in the European Union currency – the euro – which Egypt needs to deal with leading European companies in the field of energy, such as Siemens, which implemented the 3 largest power generation plants in Egypt with a total investment of 6 billion euros, and entered service at the end of 2018 in addition to another decade. With a value of 2.8 billion euros to maintain these stations.

Egypt went through a stifling economic and monetary crisis in recent years that led to the decline of the Egyptian economy and the collapse of the value of the currency against the dollar, but it was able to escape the bottleneck through a number of economic measures and projects that helped limit the decline of the Egyptian economy.

The “Ras El Hekma” deal emerged as one of the most important projects that helped Egypt emerge from its economic crisis. Through this deal, Egypt was able to raise $57 billion from global institutions and regional allies. These funds provided a strong boost to foreign reserves and helped restore confidence in the Egyptian economy.

In addition to the Ras El Hekma deal, the Egyptian government has also taken other bold steps to confront the economic crisis. These steps included the decision to liberalize the exchange rate; Which led to a significant devaluation of the pound. The government also raised the interest rate by about 600 points with the aim of curbing inflation.

These bold policies are already beginning to bear fruit. The Egyptian pound began to stabilize against the US dollar, the inflation rate decreased significantly, and other economic indicators, such as GDP growth and unemployment rates, improved.