Egyptian minister says no credit line has been opened with India

  • Egyptian Supply Minister Ali Moselhy said on 12 Jun that no credit line had been opened with India but discussions were ongoing regarding payments for imports using currencies other than the USD.
  • Bloomberg News, citing Moselhy, had earlier reported that India was providing Egypt with a credit line worth an unspecified value. The news agency said that the minister did not give further details on the facility.
  • “Nothing of the sort has been implemented but there are discussions so that we can trade in local currencies of countries like India, Russia or China,” the minister told Reuters.
  • Indian Prime Minister Narendra Modi is set to visit Egypt later in Jun 23, as the two countries seek to become strategic partners, according to media reports.
  • Egypt is trying to stabilize its economy after the Russian invasion of Ukraine last year rocked its tourism industry, raised commodity prices and prompted foreign investors to pull about USD20bn out of its financial markets.

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