On Wednesday, Egyptian President Abdel Fattah El-Sisi begins a visit to India, where he will meet firm leaders and be a guest of honor at the Republic Day parade. The trip will include talks on strengthening financial relations between the two countries and reviewing possibilities for Indian assets in Egypt, a statement from the Egyptian presidency said. Egypt is trying to drum up foreign investment to manage a dollar shortage that has led to a sharp depreciation of the Egyptian pound.
Last year, it sought help from energy-rich Gulf allies and the International Monetary Fund after the financial fallout from the war in Ukraine exacerbated its underlying challenges.
Cairo has even sought to forge political and trade relations further its traditional alliances with the United States and European powers, including in sub-Saharan Africa and Asia.
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