Egypt: breaking “the pharaoh’s curse”

An economic version of the curse of the pharaoh’s has cast its shadow over Egypt for the past three years with the country going through seismic political instability. Consequently, it faces a tough battle to turn around its economy

As a first step the Cairo government is moving to restore investors confidence by raising money on the international bond markets and is launching a major expansion of the Suez Canal.

After several years of turmoil and economic difficulties, Egypt is talking about raising the equivalent of 1.2 billion euros on the international bond markets.

Kuwait is also being spoken of as a possible financial aid donor as it prepares to sign a trade and industry cooperation agreement with Egypt.

Recently appointed Finance Minister Hany Kadry Dimian says the government is open to different sources of financing, depending on how much it needs and when – either from global investors or even an International Monetary Fund loan package.