Egypt Watch

EU supports Egypt with 100 million euros to confront the rise in food prices

The head of the European Union delegation in Egypt, Christian Berger, announced the union’s intention to provide 100 million euros to support Egypt to confront the global rise in food prices. Egypt had requested European support to face the negative economic repercussions of Russia’s military attack on Ukraine. The request came during two phone calls between Foreign Minister Sameh Shoukry and his German and French counterparts, Annalina Birbock and Jean-Yves Le Drian. Last week, the House of Representatives approved two loans from the Asian Infrastructure Investment Bank and the International Bank for Reconstruction and Development, each separately worth 360 million US dollars.

The Egyptian Ministry of Finance announced Egypt’s offering of 5-year bonds in the Japanese market at a value of 60 billion yen, equivalent to 493.26 million dollars, as part of the Egyptian government’s plan to diversify debt and financing instruments.

The Middle East News Agency revealed that Egypt’s two largest state-owned banks had sold special deposit certificates worth 303 billion pounds, equivalent to 16.57 billion dollars. The International Monetary Fund also announced that Egypt has officially requested a new loan. The official spokesman for the Presidency of the Council of Ministers stated that the Egyptian authorities communicate regularly with the organization.