Egypt, EU hold an investment conference to help Cairo battle inflation and foreign currency crisis

Associated Press

CAIRO (AP) — Egypt and the European Union have begun an investment conference to advance the implementation of their strategic partnership agreement that includes a 7.4 billion-euro aid package for the cash-strapped Middle Eastern nation. Egyptian President Abdel Fattah el-Sissi said Saturday that two-day conference in Cairo “sends a powerful message of confidence and support” for Egypt’s economic reforms over the past 10 years. Egypt is struggling with a shortage of foreign currency and soaring inflation. Te government again floated the pound and sharply increased the main interest rate.