Not for those of a nervous disposition!

Advice, information and discussion about Egypt in general.

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Not for those of a nervous disposition!

Post by newcastle »

Al-Masry Al-Youm

Tuesday marked one year since Egypt concluded a massive economic conference in the resort city of Sharm el-Sheikh, a major event on which the government of President Abdel Fattah al-Sisi pinned hopes for luring world investors to the country’s limping economy.

However, there is some debate about how many deals announced at the Egypt Economic Development Conference have come to fruition and how many have floundered. Meanwhile, much of the money promised for investments has failed to materialize, while economists are concerned about the growing national debt.

At best, it is a picture of mixed success, although government officials are keen to point out the many projects for which physical signs of activity are evident, along with the deals at the planning stage that seem sure to be realized soon.

Agreements signed below half of touted value. ... n-achieved

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Re: Not for those of a nervous disposition!

Post by A-Four »

Quite honestly it is very difficult to point to any international agreement on either trade or investment in Egypt that is a pure deal. Such deals reported in the Egyptian media in recent times can be put down to propaganda to aid a form of 'feel good factor' for the population.

If we look at just one 'agreement' of investment,.......the money to pay for the new security at Egypt's major airports is to be paid for from a 'loan' from a certain international bank, but looking carefully at this 'loan agreement', it is obvious that eventually this 'loan' will be written-off.

I am certain that most international infrastructure investment will not go ahead until the LE is devalued further, the recent drop is insufficient, and a probable realistic fall should have been a minimum of 20%, but then again, dithering seems to be the new name for Egypt.

P.S. - I notice today that the black market is already offering a new exchange rate, that values the LE equivalent as would have been set for an almost 20% devaluation.

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