India's credit line to boost Egypt's race to economic stability
India-Egypt ties
Egypt has said India is providing it with a credit line of unspecified value, in the latest moment of bilateral support from New Delhi for Cairo's difficult economic landscape.
Egypt's Supply Minister Ai El-Mosilhy informed on Monday about India's latest gesture of elevated bilateral outreach towards the North African nation.
Egypt is one of those nations that have faced significant economic ramifications of the Russia-Ukraine war. President Abdel Fattah El-Sisi's administration is also financially committed towards some of the country's most ambitious development projects, such as developing a new capital near existing Cairo and a web of highways for enhanced connectivity.
India-Egypt ties: What this Credit Line will be used for?
Credit lines are typically used to import key commodities, mostly edible items and related raw materials. India has provided similar credit lines to rescue the troubled economy of its southern neighbour Sri Lanka.
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For Egypt, the Indian move could ease pressures on the economy, amid signs of progress in Egypt’s plan to sell state assets and expectations that the authorities will hold off a devaluation of the currency until at least September.
India and Egypt have built closer ties in recent years, with Egyptian President Abdel-Fattah El-Sisi becoming a special guest at India’s Republic Day parade in January.
Also read |President El-Sisi visits as R-Day chief guest, Egypt remains Delhi’s indispensable Afro-Arab ally
Prime Minister Narendra Modi will next visit Egypt later in June.
Egyptian economy gets support from allies and friends
Egypt has agreed on a $3 billion deal with the International Monetary Fund.
Also watch |Egypt to import a million tons of Indian wheat amid shortage due to Russia-Ukraine war
Meanwhile, its Gulf Arab allies, specifically Saudi Arabia, the United Arab Emirates (UAE), and Kuwait have deposited support of up to $13 billion in 2022 alone to fix a damaging fiscal policy that used foreign reserves as a means of protecting an overvalued currency.
India-Egypt ties: Why are they important?
Egypt’s dual identity as an Afro-Arab nation makes Cairo an indispensable ally of India in West Asia, Africa, the Mediterranean Sea, and the Red Sea, according to Mohammed Soliman, a strategist who conceptualised the "Indo-Abrahamic" framework, WION’s Heena Sharma reported on January 26, 2023.
On the trade prospects, Soliman had said, "Egypt is very open to Indian investment, given the historical relations between the two countries and Egypt’s appreciation of India’s global role."
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