UAE To Invest $35 Bn To Help Solve Currency Crisis: Egypt PM
The United Arab Emirates is to inject $35 billion in foreign direct investment into Egypt over the next two months, Egyptian Prime Minister Mostafa Madbouly told a news conference on Friday.
Madbouly said the investment would “contribute to resolving” a hard currency crunch which has threatened Egypt’s ability to service its large foreign debt and allow it end separate official and black market exchange rates for the Egyptian pound.
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The United Arab Emirates is to inject $35 billion in foreign direct investment into Egypt over the next two months, Egyptian Prime Minister Mostafa Madbouly told a news conference on Friday.
Madbouly said the investment would “contribute to resolving” a hard currency crunch which has threatened Egypt’s ability to service its large foreign debt and allow it end separate official and black market exchange rates for the Egyptian pound.
mon/sar/kir/dv
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