According to the latest report by Bloomberg, Suez Cement is working to minimise the impact of Egypt’s dollar shortage on its operations and has no plans to withdraw from the country.
Egypt has been facing a hard currency crunch that has damaged economic growth and forced the central bank to help make currency available to struggling companies. Italcementi, the holding company of Suez Cement, announced that it was unable to repatriate €50 million from Egypt, and that it faced difficulties paying foreign suppliers.
Italcementi is planning to increase its investments in Egypt and plans to spend 700 million Egyptian pounds (US$89 million) to shift two of its plants to coal from natural gas in 2017. The company may consider other options for its regional investments if the foreign-currency crunch in Egypt persists.
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