Egypt Gov’t Seeks to Restructure Subsidies

Egypt's President Abdel-Fattah El-Sisi said Saturday that the state seeks to restructure the process of providing subsidies for Egyptians not eliminate the subsidies for various commodities, which amount to EGP 275 billion annually.

Sisi made the remarks during a ceremony to inaugurate various housing projects in Badr City, northeast of the capital, where he was set to open 47,876 housing units, Ahram Online reported.

The state “bears a huge cost” to provide alternative housing to the Egyptians, the president said. The aim behind the national, mega projects that are being implemented by the state is to improve the living conditions of citizens, he noted, adding that the state does not make profit from such projects.

The cost of subsidization is nearly EGP 3 trillion in ten years while the cost of developing the entire Egyptian countryside is one-third of such cost, Sisi said.