Egypt Dollar Crunch May Force Italcementi to Change Regional Hub
- Italian company has struggled to repatriate euro profits
- Foreign currency shortage is hurting nascent economic recovery
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Italian cement maker Italcementi SpA may consider moving its regional hub from Egypt if the country’s dollar shortage persists for another year.
The Bergamo-based company has been unable to repatriate 50 million euros ($55 million) of profit from Egypt for about a year, and is also facing difficulties in paying its foreign suppliers, according to Bruno Carre, managing director of its Egyptian unit, Suez Cement.