Egyptian billionaire Naguib Sawiris defended his proposal to offer the remaining lands on the North Coast and the Red Sea in US dollars to Egyptians and foreigners to repay Egypt’s foreign debt.
Sawiris said via his account on the “X” platform that “The economy will improve further in Egypt during the second half, with growth of four percent, which is a very good rate. Inflation has decreased, and God willing, the Central Bank (of Egypt) will reduce interest rates between one to four percent, which will enhance investment and price stability, along with a stable exchange rate and a decline in the US dollar (exchange rate). God willing, this will be good.”
“The only remaining obstacle is paying off foreign debts,” he noted.
“The solution is easy. The state should offer the remaining lands on the North Coast and the Red Sea in dollars to Egyptians and foreigners, and privatize the companies we’ve been saying we’ll privatize for a hundred years.”
A follower of Sawiris commented, “Are you in favor of selling lands and companies to foreigners? Because, there is a large sector that says this is treason and that the country is being sold to the Zionists.”
The businessman responded by writing, “Will they take the land and run away? They’ll invest in it, develop it, employ Egyptians, and pay customs and taxes to Egypt!”
