https://sputniknews.in/20230613/india-lends-helping-hand-to-revitalize-egypts-troubled-economy-2457498.html
India Lends Helping Hand to Revitalize Egypt's Troubled Economy: Report
India Lends Helping Hand to Revitalize Egypt's Troubled Economy: Report
Sputnik India
Egypt's economy has been badly ravaged by soaring prices of food items, a weakened currency, and its inability to import wheat from Russia due to Western-imposed sanctions on Moscow.
2023-06-13T15:21+0530
2023-06-13T15:21+0530
2023-06-13T16:16+0530
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Egyptian Supply Minister Ali El-Mosilhy on Monday told foreign media that New Delhi is offering Cairo a credit line amid a worsening economic crisis in the country.The unspecified amount of financial assistance from New Delhi to Cairo comes at a time when Egypt's economy has been shouldering the brunt of Western sanctions against Russia.Notably, Russia was Egypt's largest supplier of wheat prior to the Ukraine conflict, with Moscow's contribution to Cairo's overall imports of the vital grain standing at over 60%. Additionally, Ukrainian wheat had a 25-percent share in Egypt's wheat basket.Global Wheat Supply BottlenecksWith nearly 85% of its wheat supply line broken since the Ukraine crisis, Egypt — the world's top wheat importer — is trying to diversify its purchasing prospects. However, unlike Russian wheat, which was available at affordable prices, importing the grain from other nations has become a headache for the Egyptian authorities.According to Ashraf Kamal, a Cairo-based Agricultural Economics Professor, a tonne of wheat went for $250 in Egypt before the Ukraine conflict. But its price tag skyrocketed to $500 in the first three months of Russia's special operation last year.Though prices have dropped considerably, they are still forcing ordinary Egyptians to tighten their belts, since a tonne of wheat presently costs around $350. In this context, India's credit line is crucial for Egypt, considering that Cairo would now have a larger pool of money to ensure its food security.Egypt also inked a $3 billion aid deal from the world's renowned lender, the International Monetary Fund (IMF) recently. Additionally, some Gulf states who have friendly ties with Egypt have pledged investments worth billions of dollars.Turning once again to India-Egypt ties, Cairo and New Delhi currently share warm relations as can be seen with President Abdel-Fattah El-Sisi and Prime Minister Narendra Modi building close relations between the two countries over the recent years.To understand the importance of Egypt in India's foreign policy, President Sisi was the special guest during this year's Republic Day parade in New Delhi.Meanwhile, Modi is expected to visit Cairo later this month.
https://sputniknews.in/20230516/egypt-is-factor-of-stability-in-the-region-expert-on-indias-growing-military-ties-with-cairo-1998947.html
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India Lends Helping Hand to Revitalize Egypt's Troubled Economy: Report
15:21 13.06.2023 (Updated: 16:16 13.06.2023) Egypt's economy has been badly ravaged by soaring prices on food items, a weakened currency, and its inability to import wheat from Russia due to the US-led West's sanctions against Moscow.
Egyptian Supply Minister Ali El-Mosilhy on Monday told foreign media that
New Delhi is offering
Cairo a
credit line amid a worsening economic crisis in the country.
The unspecified amount of financial assistance from New Delhi to Cairo comes at a time when Egypt's economy has been shouldering the brunt of
Western sanctions against Russia.
Notably, Russia was Egypt's largest supplier of wheat prior to the
Ukraine conflict, with Moscow's contribution to Cairo's overall imports of the vital grain standing at over 60%.
Additionally, Ukrainian wheat had a 25-percent share in Egypt's wheat basket.
Global Wheat Supply Bottlenecks
With nearly 85% of its wheat supply line broken since the Ukraine crisis, Egypt — the
world's top wheat importer — is trying to diversify its purchasing prospects. However, unlike Russian wheat, which was available at affordable prices, importing the grain from other nations has become a headache for the Egyptian authorities.
According to Ashraf Kamal, a Cairo-based Agricultural Economics Professor, a tonne of wheat went for $250 in Egypt before the Ukraine conflict. But its price tag skyrocketed to $500 in the first three months of Russia's special operation last year.
Though prices have dropped considerably, they are still forcing ordinary Egyptians to tighten their belts, since a tonne of wheat presently costs around $350.
In this context, India's credit line is crucial for Egypt, considering that Cairo would now have a larger pool of money to ensure its food security.
Egypt also inked a $3 billion aid deal from the world's renowned lender, the International Monetary Fund (IMF) recently. Additionally, some
Gulf states who have friendly ties with Egypt have pledged investments worth billions of dollars.
Turning once again to India-Egypt ties, Cairo and New Delhi currently share warm relations as can be seen with President Abdel-Fattah El-Sisi and Prime Minister Narendra Modi building close relations between the two countries over the recent years.
To understand the importance of Egypt in India's foreign policy, President Sisi was the special guest during this year's Republic Day parade in New Delhi.
Meanwhile, Modi is expected to visit Cairo later this month.
