Egypt, EU hold an investment conference to help Cairo battle inflation and foreign currency crisis

Egypt and the European Union have begun an investment conference to advance the implementation of their strategic partnership agreement that includes a 7.4 billion-euro aid package for the cash-strapped Middle Eastern nation. Egyptian President Abdel Fattah el-Sissi said Saturday that two-day conference in Cairo “sends a powerful message of confidence and support" for Egypt's economic reforms over the past 10 years. Egypt is struggling with a shortage of foreign currency and soaring inflation. Te government again floated the pound and sharply increased the main interest rate.