Back to the complete issue
Monday, 25 July 2016

EIB Chief Economist says bank in talks with Egyptian authorities to assist with FX crunch

EIB in talks to help ease Egypt’s FX crisis: European Investment Bank (EIB) Chief Economist Debora Revoltella sat down for an interview with Daily News Egypt to discuss the results of the MENA Enterprise Survey, a joint report by the EIB, EBRD and World Bank being presented today at an event at the Conrad, as well as the bank’s past and planned projects in Egypt. Aside from the bank’s plans to loan EUR 115 mn for the Gulf of Suez wind farm, one of the more interesting developments to emerge from the interview was Revoltella’s comment that “We [the EIB] are also in talks with Egyptian authorities on how the EIB could help deal with the very acute problem of the foreign currency shortage, where many local businesses have no access or limited access to foreign currency that is needed for usual trade transactions.”

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.