Egypt will raise the price of tickets on Cairo’s loss-making metro from Friday, state news agency MENA reported on Thursday, more than tripling some fares as the government looks to tighten its finances amid IMF-backed austerity measures.
Commuters will be charged a base fare of 3 Egyptian pounds (17 U.S. cents) for the first 9 stops, 5 Egyptian pounds for up to 16 stops, and a maximum of 7 pounds for anything more than 16, MENA reported, citing a ministry of transportation decision.
Discounted rates will be maintained under the new system for students, the elderly, and those with special needs.
The increase comes amid accumulated losses of 618.6 million pounds for the metro system, according to MENA. ($1 = 17.6500 Egyptian pounds)