A deliveryman balances a tray of freshly baked bread while riding his bicycle along the al-Darb al-Ahmar district in Cairo
EU preparing €7.4 billion package to shore up Egypt's economy
The EU’s financial package is aimed at bolstering Egypt's economy amid fear that conflict in Gaza and Sudan could exacerbate financial trouble in the country.
Wednesday 13/03/2024
A deliveryman balances a tray of freshly baked bread while riding his bicycle along the al-Darb al-Ahmar district in Cairo
BRUSSELS - A media report showed Wednesday the European Union is readying a 7.4 billion euro ($8.08 billion) package aimed at shoring up Egypt's economy amid fear that conflict in Gaza and Sudan could exacerbate financial trouble in the country.
"Easing dollar backlogs, a big revision of interest rates and in currency value, and the sizable FDI capital inflows are all very positive. But the risk here is that there would be a lot of attention on what happens to inflation in the coming months," said Luis Costa, head of CEEMEA strategy at Citi.
The Egyptian pound edged up 0.1% against the dollar, while the benchmark stock index dropped 3.3%, continuing to ease from a record-breaking run.