CAIRO: The Central Bank of Egypt (CBE) pledged to provide $4 billion within the next two weeks to cover pending import orders, Mohamed el-Swedy, chairman of the Federation of Egyptian Industries (FEI) announced at a Monday news conference.
Meanwhile, Swedy added that the CBE did not reveal how the money would be secured. Egyptian manufacturers, whose factories were affected dramatically due to the hard currency shortage, hope this amount would put an end to the problem of lack of raw materials.
The news coincided with a presidential statement announcing that the crisis of gas supplies to factories has ended, nine days after President Sisi pledged in a televised speech a month-long deadline to solve the problem.
Egypt’s state banks, the National Bank of Egypt and Banque Misr, have already provided $1.8 billion over the last week to tackle the hard currency crisis.
Egypt’s net international reserves posted a moderate rebound from a three-month slip to hit $16.415 billion at October-end, marking an $80 million rise from $16.335 billion a month earlier.
Global credit rating agency Moody’s Investors warned earlier last month that “the drop (of Egypt’s foreign reserves) reflects continued dependence of Egypt’s balance of payments on external donor support, which is credit negative for the country’s external liquidity position.”