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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.