Cairo’s foreign policy chief, Sameh Shoukry, embarked on a critical diplomatic mission to Brussels on Monday, urging European nations to bolster their investments in Egypt as the country grapples with a crippling foreign currency shortage.
The escalating economic crisis, exacerbated by regional and international turbulence, has cast a shadow over several key sectors, prompting Shoukry to seek support from European partners.
During his meetings with EU foreign ministers and foreign policy chief, Joseph Borrell, Shoukry emphasized the “challenges resulting from the turbulent economic and security situation regionally and internationally,” highlighting their impact on Egypt’s economic performance.
To counter these headwinds, the top diplomat advocated for “pumping more European investments into Egypt,” a measure crucial for stabilizing the nation’s finances and revitalizing its industries.
The Egyptian pound has borne the brunt of the ongoing crisis, plunging in value since March 2022.
Black market exchange rates paint a grim picture, with the US dollar hovering above 60 pounds, a stark contrast to the official rate of 31 pounds.
This volatility has dampened investor confidence and hampered critical imports, further straining the Egyptian economy.
Beyond securing economic lifelines, Shoukry’s agenda in Brussels extended to pressing regional concerns.
Discussions with his European counterparts delved into the Gaza war, the volatile situation in Sudan and Libya, and the strategic Red Sea corridor.
The Egyptian minister also held talks with Janez Lenarcic, the EU’s Crisis Management Commissioner, focusing on hotspots like Lebanon, Iraq, and Syria.
In the midst of the Gaza conflict, which has claimed thousands of lives and displaced millions, Shoukry implored international stakeholders, including the EU, to “adopt categorical positions regarding achieving a comprehensive ceasefire as the only path to containing the humanitarian crisis.”
With the conflict entering its deadliest phase, Egypt is seeking international collaboration to quell the violence and alleviate the immense suffering endured by Gazans.
