Egypt to raise $2.5 billion as economic pressure builds

Posted on August 16, 2022   |  

• Egypt is in talks with regional and international banks to raise a loan of $2.5 billion due to high economic pressure in the North African nation.
• Soaring oil and commodity prices have hit Egypt hard due to the loss of tourists from Russia and Ukraine, prompting it to seek International Monetary Fund assistance. 
• Saudi Arabia, the United Arab Emirates, and Qatar pledged more than $22 billion in deposits and investments in the economy.