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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.”

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