Egypt said yesterday it is to receive $2bn in aid from Turkey to support its economy which has been beset by serious difficulties since the 2011 uprising that ousted former strongman Hosni Mubarak. Ankara will offer “an aid package to Egypt worth $2bn to be used to support foreign reserves in Egypt and fund infrastructure projects,” the official Mena news agency quoted Finance Minister Mumtaz al-Said as saying. This will “strengthen the Egyptian economy and help to regain stability and growth,” he said. The aid agreement was finalised during a visit by a high-level Egyptian delegation to Istanbul, Mena said. Political instability since the ouster of Mubarak has triggered serious difficulties for Egypt’s major revenue earner tourism, led to a drop in foreign investments, worsened the budget deficit and sparked social conflict. The central bank’s currency reserves have dipped to $15bn from $36 a year and half ago, threatening the country’s ability to import commodities and support the Egyptian pound. Cairo has requested a loan of $4.8bn from the International Monetary Fund, but the IMF has stressed the need for a reform programme to deal with the country’s economic crisis. Qatar recently announced it would invest $18bn over five years in Egypt to shore up its economy, including financial support of $2bn as a deposit with the Central Bank of Egypt. From GT
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor