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

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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.

Other investment deals worth 40 billion euros are scheduled to be signed with European companies as well as bilateral cooperation agreements with the EU to advance employment and skills, vaccines manufacturing, food security and sustainable development, it said. Most recently, the government once again floated the pound and sharply increased the main interest rate in March. Commercial banks are now trading the U.S. currency at more than 47 pounds, up from about 31 pounds.

 

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