In reaction to the recent devaluation of the pound and how it’s negatively affecting them, a conglomeration of Egyptian businesses pleaded with President Sisi and the Higher Council for Investment in 6 Egyptian newspapers today.
The plea, published as an ad, details how the companies will suffer as a consequence of the current economic situation:
-Becoming bankrupt as a result of their losses exceeding their capital investment by 100%.
-Imports stopping across the different industries.
-A shortage of strategic commodities in the market.
-Unemployment for more than a million of these companies’ workers.
-Business owners facing criminal charges as a result of not being able to pay off bank debts.
-Great turbulence in the Egyptian economy as a result of what is mentioned above.
The businesses called for the formation of a committee to represent their industries to discuss the prevalent issue with the government officials. They call for the President to urgently address this issue that is affecting their businesses and the economy at large.
The businesses that called for this appeal are members of the following associations: