Madbouly says Egyptian pound is undervalued
Updated 5/18/2023 12:05:00 PMArab Finance: Egyptian Prime Minister Mostafa Madbouly said that estimations of the hard currency are overstated and that the Egyptian pound is undervalued, CNBC Arabia reported on May 18th.
He said that the state-run projects’ aim was to create job opportunities and not to compete with the private sector, adding that agreements with the World Bank and the International Finance Corporation (IFC) were finalized to boost investments in Egypt.
Madbouly highlighted that industrial investors have been granted a grace period of not more than two years to their projects in the country, with the extension of operation license to five years, instead of one year.
Investors have not faced any issues while transferring cash, as the government allowed $21 billion in outflows so far, Madbouly stressed.
Related News
