Rédaction Africa Links 24 with Egypt Independent
Published on 2024-03-28 11:29:00
Egypt is faced with a challenging economic situation as the Egyptian pound continues to drop against the US dollar on the black market. Despite efforts by the central bank to close the gap between demand and supply in the dollar-starved economy, the currency’s decline persists. This ongoing struggle is a result of various factors, including a shortage in foreign currency inflows, a consequence of the 2011 uprising that drove tourists and foreign investors away. As a result, the country’s reserves have dwindled from $36 billion to $16.56 billion.
To address this issue and boost foreign currency reserves, Egypt has recently announced a new initiative. The government will sell designated plots of land to foreign businesses in exchange for US dollars. This decision was announced by the Egyptian cabinet and pertains to 62 undisclosed applications for land from foreign investors. The approved land spans across various cities in Egypt, including New Damietta, October Gardens, New Obour, New Assiut, New Sohag, New Cairo, New October, Badr, Al Shorouk, Tenth of Ramadan, and New Borg al-Arab.
These lands have been zoned for diverse uses to support development, including residential areas, hotels, business centers, and various industries. The goal of this initiative is to attract foreign investment and stimulate economic growth in Egypt. The government hopes that the sale of land to foreign businesses will help bolster foreign currency reserves and stabilize the economy.
The decision to sell land to foreign businesses was made at a recent cabinet meeting and has also been approved by The New Urban Communities Authority. This partnership between the government and foreign investors is seen as a way to rejuvenate the economy and create new opportunities for growth and development in Egypt.
Overall, the current economic situation in Egypt remains challenging, but efforts are being made to address the issues and find solutions. The sale of land to foreign businesses for US dollars is just one step towards rebuilding foreign currency reserves and stimulating economic growth in the country. By attracting foreign investment and supporting development in key sectors, Egypt aims to overcome its economic challenges and pave the way for a brighter future.
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