April 17, 2012
Egypt Looks to Expats for Funding
Farah Halime, The National
Egypt has increased efforts to protect the country's embattled economy by selling plots of land and certificates of deposit to Egyptians living abroad in an effort to raise as much as US$4.5 billion.
The moves represent the government's latest tactic to address a rapidly depleting pot of international reserves and a widening balance of payments deficit as Egypt teeters on the edge of a fiscal crisis.