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Egypt, EU hold an investment conference to help Cairo battle inflation and foreign currency crisis

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Egypt Government,Egypt,European Union

Egypt and the European Union have begun an investment conference to advance the implementation of their strategic partnership agreement that includes a 7.4 billion-euro aid package for the cash-strapped Middle Eastern nation.

The March aid package includes both grants and loans over the next three years for the Arab world’s most populous country. Most of the funds — 5 billion euros — are macro-financial assistance to help Egypt shore up its economy, which is hit by a staggering shortage of foreign currency and soaring inflation.

The EU, represented by Executive Vice-President Valdis Dombrovskis, and Egypt will sign a memorandum of understanding for the short-term macro-financial assistance of up to €1 billion to support Egypt’s economic reform program, the EU mission in Cairo said. El-Sissi’ government embarked on a massive reform program in 2016 in return for loans from the International Monetary Fund. The reform has centered on floating the local currency, substantial cuts in state subsidies on basic goods, reducing public investment and allowing the private sector to become the engine of growth.

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