Egypt to allocate 20 bln Egyptian pounds to support bourse

Egypt to allocate 20 bln Egyptian pounds to support bourse

Egypt will allocate 20 billion Egyptian pounds ($1.27 billion) to support the stock exchange, President Abdel Fattah al-Sisi said on Sunday, after share prices were battered by the economic impact of the spreading coronavirus.. The outbreak - which is having a crippling impact on the global economy - is set to damage Egypt's vital tourism sector, which accounts for about 12% of gross domestic product.. "From mid-2019 until today, the pressures faced by the global economy and the Egyptian economy have been huge, and believe me “¦ if it weren't for our reform plan we would not have been able to survive the repercussions," Sisi said in televised comments.. Egypt closes museums and tourist sites, thousands of tourists fly back. MP suggests imposing curfew in Egypt to curb spread of coronavirus.