EU bets on Egypt and World Bank prepares $6 billion aid package
The bank said that three billion US dollars will be directed as financial support to government programs, and three billion to the private sector, provided that these amounts are approved after the approval of the bank’s board of executive directors.
Egypt Economic
“In line with the government’s development priorities, these programs will focus on increasing opportunities for private sector participation in economic activity, particularly through the government’s privatization program,” the World Bank Group said in its statement.
Egypt is in the grip of a severe economic crisis marked by accelerating inflation and this month devalued its currency, and the support package follows a $35 billion deal with the UAE’s sovereign wealth fund holding (ADQ) in late February.
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Krisis area affect exchange egypt
Egypt’s economy has been hit by a series of shocks, including recent attacks by Yemen’s Houthis on commercial ships in the Red Sea, which have cut Egypt’s Suez Canal revenues and deprived it of a major source of foreign currency income.
Egypt also received an eight-billion-dollar loan from the International Monetary Fund this month, while the European Union announced on Sunday a financing package for Egypt worth $8.1 billion, far exceeding the agreements with Tunisia and Mauritania worth 700 million euros and 210 million euros, respectively.
But the logic behind the three deals is the same: injecting new money to help stabilize the volatile economy and curb irregular migration flows.
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Dollar rate against Egyptian pound
Find out with us the following exchange rate of the US dollar USD against the Egyptian pound (EGP), in trading on Tuesday, March 19, 2024, in a number of Egyptian banks:
The price of the US dollar against the Egyptian pound was recorded: 47.12 pounds for buying, and 47.22 pounds for selling, at the National Bank of Egypt.
The US dollar against the Egyptian pound was recorded at EGP 47.1300 for buying and EGP 47.2300 for selling at Banque du Caire.
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Egypt Exchange
The US dollar against the Egyptian pound was recorded at EGP 47.13 for buying and EGP 47.23 for selling at Banque Misr.
The US dollar against the Egyptian pound was recorded at EGP 47.1 for buying and EGP 47.2 for selling at ALEXBANK.
The US dollar against the Egyptian pound was recorded at 47.2400 pounds for buying and 47.3400 pounds for selling, at Abu Dhabi Islamic Bank.
The US dollar against the Egyptian pound was recorded at EGP 47.1 for buying and EGP 47.2 for selling, at CIB.
Kabari99-Alma
