Arif urges al-Sisi to sit down with investors

The Egyptian businessman and head of the 10th of Ramadan Investors Association, Samir Arif, revealed the distress of investors in more than six newspapers, calling Egypt's president to intervene and cancel the increases debts resulting from currency differences after floating of the pound. Therefore, the central bank chairman, Tarek Amer, should gather all the heads of investor associations to solve their crisis and working to determine a fair price for the dollar.

Arif stressed, in an interview with Arabs Today, that the loss vary from company to company, but some companies have reached their price differences over a billion pounds due to its strategic commodities, adding that the number of companies affected up to 500 companies and factory, and the losses in excess of the 5 billion pounds.

He added that the crisis started after the floating of the pound, which had a negative impact on the investors who have opened funds with banks before the flotation, and the credit value rose up 10%, which means that they must pay 110% to cover the Egyptian pound, considering the bank will provide the required currency for adoption.

Arif urged President Abdel Fattah al-Sisi to sit down with the affected investors to solve their problems with the banks, so as not to close down their business and demobilize the workers.

Regarding the new investment law, Arif stressed that investors want to invest their billions very easily and simply without complications in the market.
 
"All investors welcome the last economic decisions of the government, including the floating of the pound, because it shows the real value of the pound and leads to increased exports, and increasing in the number of investors in the case of modifying the investment laws in Egypt, but each decision has its repercussions and cons," Arif added.

"We tried to find a solution with the government and the banks, but it did not provide a currency, adding that the goods already arrived with facilities from suppliers, and were sold in the price before the floatation, but the banks asked the importers to pay the price after the floatation" he said.