Egypt will host the investment conference with the European Union from June 29 to 30. A conference under the auspices of the Egyptian president and the president of the European Commission that Cairo considers as ” a message of European confidence ” with regard to the Egyptian economy. However, the conference is not taking place in the best of times.
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With our correspondent in Cairo, Alexandre Buccianti
This conference is not starting in the best of climates because Egypt has no government. The outgoing and reappointed Prime Minister has not finished his consultations. This leaves a lot of uncertainty about who will occupy key positions such as investment portfolios.
Electricity shortage
But to make the climate even more difficult, there is the grave shortage of electricity. The power is cut off from 2am to 5am every day for almost all Egyptians. Egyptians who are increasingly less likely to hide their anger towards the government on social media.
Penalized activity
The crisis is due to the lack of natural gas to run the power plants. Egypt, which exported its gas in 2022, bought it in a hurry and at a prohibitive price on the international market. The power cuts affect all economic activity, but especially the fertilizer factories which have stopped production. A fertilizer that was notably exported to Europe.
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