Egypt: Reconstruction of Gaza needs 90 billion dollars

Egyptian President Abdel Fattah al-Sisi said this Saturday that the reconstruction of the Gaza Strip needs 90 billion dollars, and at the same time defended his government’s decision to float the exchange rate.

Al-Sisi said in a speech today that he asked Egyptian government institutions to estimate the cost of rebuilding the Gaza Strip, and they emphasized that this work requires 90 billion dollars.

He called the developments in Gaza a challenge for Egypt and the entire region and claimed that the Rafah crossing is open 24 hours a day and Egypt is working hard to deliver aid to the Gaza Strip.

Egyptian President, without mentioning how many trucks carrying aid enter the Gaza Strip every day, said that due to the difficulties in delivering the aid by land to the Gaza Strip, they started airdropping the aid.

Al-Sisi’s defense of exchange rate floating

Al-Sisi, in response to the further decrease in the value of the country’s currency following the announcement of the exchange rate liberalization, said that the economic situation of his country will improve with this decision.

He said: The idea of ​​freeing the exchange rate has been implemented only with the existence of Egypt’s foreign exchange reserves. I have already said that I resisted such a decision for 10 months, because at that time our assessment did not allow such a thing.

Egyptian President added: But now we have 35 billion in foreign exchange from the investment project for the development of Ras al-Hikmah city by the Emiratis, and we will also receive an eight billion dollar loan from the International Monetary Fund and the European Union.

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Emphasizing that the situation inside Egypt is improving, he added: I did not endanger the Egyptian people, and my government is not corrupt enough to waste your money.

The president of Egypt, while asking the people of his country to accompany the government’s decisions in floating the exchange rate, said that he has taken responsibility for such a task.

The Central Bank of Egypt announced on Wednesday, before an extraordinary meeting, that it has increased the interest rate by 600 points, and then within a few hours, the value of the pound in this country dropped by 60%, bringing the value of each US dollar to 70 pounds. .

The government of Egypt has implemented the decision to float the price of the dollar through an agreement with the International Monetary Fund in order to save its country from the worst economic crisis of the last few decades by taking a loan from this institution. In addition, by joining BRICS, it has taken steps to settle many foreign accounts with national currencies.

Source: Fars