Egypt urges more European investments amid foreign currency crunch

By Ibrahim al-Khazen

ISTANBUL (AA) – Egyptian Foreign Minister Sameh Shoukry on Monday called for pumping more European investments into his country amid foreign currency crunch.

Shoukry met with foreign ministers of the European Union and EU foreign policy chief Joseph Borrell in Brussels.

Shoukry “highlighted the challenges resulting from the turbulent economic and security situation regionally and internationally and their impact on the performance of a number of sectors” in Egypt, the Egyptian Foreign Ministry said in a statement.

The top diplomat called for "pumping more European investments into Egypt," it added.

Egypt has been suffering an economic crisis since March 2022, which resulted in the pound losing more than half of its value.

The US dollar is now traded for over 60 pounds in the black market, while the official exchange rate remains at almost 31 pounds per dollar.

Talks between Shoukry and his European counterparts also dwelt on a host of regional issues, including the Gaza war and developments in Sudan, Libya and the Red Sea, the Foreign Ministry said.

The Egyptian minister also met with European Commissioner for Crisis Management Janez Lenarcic to discuss the situation in Gaza, Lebanon, Sudan, Iraq and Syria.

Shoukry urged international stakeholders, including the EU, “to adopt categorical positions regarding achieving a comprehensive cease-fire as the only path to containing the humanitarian crisis in Gaza," the ministry said.

Israel has launched a deadly offensive on the Gaza Strip since Hamas’ Oct. 7 attack, killing at least 25,295 people and injuring 63,000 others, while nearly 1,200 Israelis are believed to have been killed.

The deadly onslaught has left 85% of Gaza’s population internally displaced amid acute shortages of food, clean water and medicine, while 60% of the enclave’s infrastructure was damaged or destroyed, according to the UN.

Writing by Ahmed Asmar