Egypt is in political turmoil, with the Supreme Council of the Armed Forces dissolving the recently-elected assembly and throwing the presidential elections into chaos. But it seems it is still possible to do a big deal.
Citadel Capital has announced the completion of a $3.7bn agreement to build a refinery near Cairo that will help the country reduce its dependency on oil imports – a crucial issue for Egypt given its low level of foreign exchange reserves.
The central bank’s foreign reserves have risen by around $400m over the past two months after 15 months of consecutive falls. Having got dangerously close to the three-months’-worth of imports level that can trigger alarm, this is something of a relief.
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