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Egypt, EIB Boost Cooperation to Enhance Private Sector Engagement

Egypt is intensifying its moves to boost the activities of the private sector in the country (Reuters)
Egypt is intensifying its moves to boost the activities of the private sector in the country (Reuters)
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Egypt, EIB Boost Cooperation to Enhance Private Sector Engagement

Egypt is intensifying its moves to boost the activities of the private sector in the country (Reuters)
Egypt is intensifying its moves to boost the activities of the private sector in the country (Reuters)

Egyptian Minister of International Cooperation Rania Al-Mashat said that the fruitful cooperation with the European Investment Bank (EIB) is reinforcing joint development efforts and therefore the private sector's growth.

EIB Vice President Gelsomina Vigliotti will be heading on a four-day visit to Egypt to strengthen cooperation with Egyptian public and private partners and discuss future EIB priority investments in many sectors.

This will be Vigliotti’s first high-level visit to Egypt as EIB VP for the Mashreq region since the start of the COVID-19 pandemic.

Over the last 41 years, the EIB has provided more than €14 billion for energy, water, agriculture, telecom, transport, and private sector investment in Egypt.

Last year, the EIB provided more than €1bn for business, telecom, and transport investment in Egypt.

“The EIB is a key partner for Egypt, and I welcome VP Vigliotti on her first official visit to our country,” said Al-Mashat.

“The EIB and the EU Bank is committed to supporting transformational private and public investment across Egypt, improving access to finance by entrepreneurs and addressing the challenges of a changing climate.

Egypt is the leading country of operation for the EIB outside of Europe. My financial and technical colleagues and I look forward to discussing how to strengthen economic resilience to existing and new challenges and enhancing the impact of future EIB engagement in Egypt,” said Vigliotti.

Mashat also met virtually with Sonja Gibbs, Managing Director and Head of Sustainable Finance for the Institute of International Finance, in the attendance of Wolfgang Engel, General Manager & Chief Representative - Institute of International Finance.

Mashat discussed suggestions for joint cooperation with the Institute, under the framework of Egypt presiding the COP27.

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Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
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Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo

The US dollar charged ahead on Thursday, underpinned by rising Treasury yields, putting the yen, sterling and euro under pressure near multi-month lows amid the shifting threat of tariffs.

The focus for markets in 2025 has been on US President-elect Donald Trump's agenda as he steps back into the White House on Jan. 20, with analysts expecting his policies to both bolster growth and add to price pressures, according to Reuters.

CNN on Wednesday reported that Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries. On Monday, the Washington Post said Trump was looking at more nuanced tariffs, which he later denied.

Concerns that policies introduced by the Trump administration could reignite inflation has led bond yields higher, with the yield on the benchmark 10-year US Treasury note hitting 4.73% on Wednesday, its highest since April 25. It was at 4.6709% on Thursday.

"Trump's shifting narrative on tariffs has undoubtedly had an effect on USD. It seems this capriciousness is something markets will have to adapt to over the coming four years," said Kieran Williams, head of Asia FX at InTouch Capital Markets.

The bond market selloff has left the dollar standing tall and casting a shadow on the currency market.

Among the most affected was the pound, which was headed for its biggest three-day drop in nearly two years.

Sterling slid to $1.2239 on Thursday, its weakest since November 2023, even as British government bond yields hit multi-year highs.

Ordinarily, higher gilt yields would support the pound, but not in this case.

The sell-off in UK government bond markets resumed on Thursday, with 10-year and 30-year gilt yields jumping again in early trading, as confidence in Britain's fiscal outlook deteriorates.

"Such a simultaneous sell-off in currency and bonds is rather unusual for a G10 country," said Michael Pfister, FX analyst at Commerzbank.

"It seems to be the culmination of a development that began several months ago. The new Labour government's approval ratings are at record lows just a few months after the election, and business and consumer sentiment is severely depressed."

Sterling was last down about 0.69% at $1.2282.

The euro also eased, albeit less than the pound, to $1.0302, lurking close to the two-year low it hit last week as investors remain worried the single currency may fall to the key $1 mark this year due to tariff uncertainties.

The yen hovered near the key 160 per dollar mark that led to Tokyo intervening in the market last July, after it touched a near six-month low of 158.55 on Wednesday.

Though it strengthened a bit on the day and was last at 158.15 per dollar. That all left the dollar index, which measures the US currency against six other units, up 0.15% and at 109.18, just shy of the two-year high it touched last week.

Also in the mix were the Federal Reserve minutes of its December meeting, released on Wednesday, which showed the central bank flagged new inflation concerns and officials saw a rising risk the incoming administration's plans may slow economic growth and raise unemployment.

With US markets closed on Thursday, the spotlight will be on Friday's payrolls report as investors parse through data to gauge when the Fed will next cut rates.